MILAN, March 20 (Reuters) - UBS Asset Management Europe (AME), a Luxembourg-based unit of Swiss bank UBS, has written to unions in Italy to start negotiations over nine job cuts at its local business,
UBS Asset Management to Cut One Fifth of Staff in Italy Amid Restructuring
UBS AME Announces Job Cuts and Organizational Changes
Details of the Planned Reductions
MILAN, March 20 (Reuters) - UBS Asset Management Europe (AME), a Luxembourg-based unit of Swiss bank UBS, has written to unions in Italy to start negotiations over nine job cuts at its local business, roughly a fifth of overall staff, a copy of the letter seen by Reuters showed.
Departments Affected by the Cuts
Dated March 19 and signed by branch manager Emanuele Bellingeri and the head of personnel, the letter said a centralisation of functions and a slimmer organisational set-up made redundant, among others, a local risk management team, one job in the legal department and two in Exchange Traded Funds.
Centralisation and Industry Trends
UBS AME said a more centralised business model was common in European asset management in order to curb costs and improve controls, ensuring a better running of cross-border activities.
Impact on UBS AME's Italian Operations
The letter said the Italian unit of UBS AME had a staff of 42, of whom 40 are based in Milan. It includes 26 senior executives.
Union Negotiations and Next Steps
"The bank stands ready - starting immediately - to jointly assess with unions the most suitable ways to manage the cuts," the letter said.
UBS Response and Media Coverage
UBS did not immediately reply to a Reuters email seeking comment.
(Reporting by Valentina Za, editing by Gavin Jones)
