UBS Asset Management Plans to Cut Nine Jobs in Italy
UBS Asset Management plans to cut nine jobs in Italy to centralize operations. The reduction affects about one fifth of the local unit total workforce.
The Italian division of UBS Group AG is set to reduce its workforce by approximately 20 percent as part of a move toward a more centralized business model. UBS Asset Management Europe, based in Luxembourg, has initiated negotiations with labor unions regarding nine job cuts at its branch in Italy.
The redundancies, which affect a unit of 42 employees, are primarily located in Milan. According to a letter signed by branch manager Emanuele Bellingeri, the decision stems from a broader effort to streamline operations and curb costs across European activities.
A more centralised business model was common in European asset management in order to curb costs and improve controls, ensuring a better running of cross-border activities.
Positions being eliminated include roles within the local risk management team, the legal department, and the Exchange Traded Funds division. Switzerland-based UBS indicated that the centralization of functions is a standard practice within the industry to enhance oversight of international business. The bank remains ready to work with unions to manage the staff reductions, which include 26 senior executive roles.
