NEW YORK - UBS Warburg LLC, the securities arm of UBS AG of Zurich, fired 60 people from its U.S. corporate finance unit as part of a reorganization effort, a source familiar with the situation said.
The layoffs are not a result of market conditions but were performance related, the source said. In fact, the investment banking firm plans to expand its corporate finance unit, replace the bankers who were fired, and hire additional bankers, the source said.
Kenneth Moelis, co-head of investment banking, who joined the company recently from Credit Suisse First Boston, led the reorganization effort, which occurred over the past two weeks, the source said. David Walker, a UBS spokesman, confirmed that it fired people but would not say how many.