Tom Burroughes Group Editor in London, WealthBriefing

UBS is shedding 20 staff from its Toronto office, including the chief executive of its Canadian operations, Rick Meslin, and chief Canadian economist George Vasic, the Zurich-listed bank has confirmed to this publication.

The other affected posts are middle to senior level positions in the investment firm’s equities research and cash sales and trading divisions. The work will be absorbed by employees in its New York office, media reports said.WealthBriefing contacted UBS about the reports and it confirmed them as accurate.

A UBS spokesperson was quoted as saying that the cuts are part of the company’s initiative to be “more focused and more efficient” by putting together an integrated North American team in charge of equities.

“These changes will allow us to continue to focus and meet the needs of our Canadian clients and concentrate our efforts in the areas that are most relevant to them,” the spokesperson was quoted as saying.

The move comes ahead of UBS’ fourth-quarter results that are due to be issued on 5 February. The bank has said it expects to post a Q4 loss after it settled charges of LIBOR interbank rate manipulation, paying authorities in the UK, Switzerland and the US a fine totalling around $1.53 billion.

UBS, like many of peers, has been slimming down some of its business operations, particularly at its investment bank, to restore its profit margins. In October last year, the firm said it was cutting about 15 per cent of its worldwide workforce – 10,000 staff – by 2015.

In Canada, the bank has more than 250 employees.

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