London financiers face job cut risk

Financiers in the City of London working for investment bank UBS could be facing job cuts in the near future.

According to The Sunday Times, the bank may be planning to dismiss 2,000 employees from its New York and London branches.

This follows a previous jobs cull by the Swiss bank immediately after last year's credit problems.

The latest reports would affect 9,000 UBS finance workers in the capital.

UBS has been the subject of many news reports in the past few days, with Chairman of the bank, Marcel Ospel, announcing his resignation as the company posted losses of £9.6bn.

Traders working in the City have already been hit with substantial pay cuts, Napier Scott Executive Search revealed last month.

Bonuses and paycheques for some traders have fallen by as much as 40%, although their counterparts in Wall Street have seen their incomes slide by 60%.