Debt Cuts Ahead at UBS?

O'Leary, Christopher
June 2003
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p10
Trade Publication
While the burgeoning debt capital markets have been one of the few saving graces this year for many banks, UBS Warburg appears to be economizing. There was a speculation among the bankers and agents that the Swiss banking giant may dismiss up to 75 professionals in a variety of fixed-income sectors. UBS declined to comment, but sources familiar with the bank confirmed that layoffs of some order of magnitude would happen in the bank soon. In U.S. investment-grade debt, UBS is currently ranked 12th, with $6.4 billion in new issues underwritten and a 2.1% market share, compared with its 10th place standing at this point last year, when it had underwritten $8.7 billion and had a 2.8% market share.


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