UBS Warburg is cutting around 240 jobs in London across all product areas in the latest wave of redundancies at investment banks in the past few months amid the prolonged slowdown in market activity.
The investment bank described the cuts as part of its annual performance review of staff and said that similar numbers were trimmed last year. "The figure is not unusual for this time of the year," a spokeswoman said. However, it is understood that this year's annual staff review was more assiduous than usual, as was the case with Goldman Sachs when it laid off nearly 500 staff as part of a performance review a few months ago.
