UBS leavers 'will find the jobs market tough'

27 September 2011

UBS AG workers forced to leave the bank following the losses it incurred as a result of unauthorized trading are likely to find it difficult to secure similar roles in the current jobs market.

Bloomberg reports that bankers pushed out of the lender as it seeks to reduce the size of its investment bank off the back of the $2.3 billion tumble will have few opportunities to find instant re-employment.

The news agency noted this is because many of the Wall Street rivals of the institute - which was formed in 1997 following a merger between Union Bank of Switzerland and Swiss Bank Corporation - are making job cuts across the board.

Jason Kennedy, chief executive officer of recruiter the Kennedy Group, said CVs from UBS workers began being sent as soon as news of the scandal broke.

The industry figure pointed out: "There are some very good people at UBS and they will be in demand. But for many there’s nowhere to go."

By Gary Cooper

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