2,000-3,000 more jobs may go at UBS

UBS, Switzerland’s biggest bank, may have to cut another 2,000 to 3,000 jobs as it scales back from capital- intensive businesses, according to Deutsche Bank.

The bank may have to trim as many as 3,000 jobs by the end of 2013, Matt Spick, a Deutsche Bank analyst, wrote in a note to clients. A small fixed-income and debt capital markets business isn’t practical to maintain with minimal capital behind it, he said.

The Zurich-based bank will probably be “back to a pure private client service business plus cash equities plus perhaps some M&A advisory to be a close equivalent to a business like Lazard,” Mr Spick wrote.