UBS Luxembourg axes 56 jobs in cost-reduction plan

UBS cuts 56 back-office jobs in Luxembourg, part of the plan of reducing costs.  Earlier this month the group had planned to eliminate 60 workplaces in the Grand Duchy for replace in Wroclaw, Poland, where labor cost is lower.

The branch office of the bank and the unions have agreed on the redundancy plan. The institute wants to minimize the negative effects of this reduction of staff among its employees by offering other opportunities within the bank or early retirement. The management will receive additional training for which UBS has set aside a dedicated budget. Currently, UBS in Luxembourg Kirchberg employs 420 people.

Juerg Zeltner, the wealth management boss at UBS, in May announced a savings program aimed at reduced costs by hundreds of millions of francs, with job cuts being part and parcel of the exercise – in particular in jobs away from the customer front.

Luxembourg is feeling the effect : UBS cut 30 jobs in the country in 2013.