Bloomberg News
LONDON UBS Warburg, the investment bank of Switzerlands UBS AG, plans to fire as many as 240 employees in London 4% of its staff there to trim costs as revenue slumps.
The firings will affect all areas, including the corporate finance, stock, and foreign exchange trading units.
The financial industry is in the midst of its biggest wave of firings since 1998. Morgan Stanley Dean Witter & Co., Merrill Lynch & Co., and Goldman Sachs Group Inc. have cut back as declining stock markets have eaten into earnings.
