There’s both good news and very bad news today on the jobs front as two big employers in the UK announce plans to lose people and hire people.
150-year-old Swiss-owned bank UBS has seven offices in the UK, lost around £26bn during the financial crisis and now has to axe a mammoth 10,000 people from its workforce over the next three years. That’s around 16% of the 64,000 staff world-wide. The CEO said it’d been a ‘difficult decision’, but it needs to ditch the riskier trading business (to save itself around 3 billion pounds) and refocus on private banking and investment banking. UBS is currently at the centre of an alleged case of rogue trading. Former UBS London employee, Kweku Adoboli, has been facing trial in the capital this month on charges of committing fraud that cost the bank around £1.8bn.
Meanwhile it’s good news for anyone looking for a job. Royal Mail, which has had something of a shaky last ten years as it’s tried to modernise, is going to create 1,000 jobs over the next four years. It’s investing £75m into its parcel business and will open new depots and processing centres as well as expanding existing ones.
Written and presented by Marverine Cole.