Communications jobs may go in SBC and UBS deal

The planned merger between the Swiss Bank Corporation (SBC) and Union Bank of Switzerland (UBS) is likely to result in the scrapping of the communications department at UBS’ London-based investment banking business.

The planned merger between the Swiss Bank Corporation (SBC) and

Union Bank of Switzerland (UBS) is likely to result in the scrapping of

the communications department at UBS’ London-based investment banking

business.



Ten top PR people, including Alan Ogden, director of European corporate

communications at UBS, face the prospect of redundancy. Ogden joined UBS

from Hill and Knowlton in February. He is also responsible for an

internet development team and press enquiries team.



A source close to UBS said: ’There’s a total duplication with SBC’s

communications staff. The communications department looks set to be

disbanded.’



SBC doesn’t operate a regional communications structure: its global

communications is centralised in Switzerland. SBC has the upper hand in

the merger which is also likely to result in disbanding UBS’ US and Far

East communications departments.



UBS’ investment banking business effectively faces the axe. The

restructuring of the two banks into the United Bank of Switzerland is

likely to result in it being rolled into SBC under the name Warburg

Dillon Read.



A total of 13,000 jobs are likely to go as a result of the SBC and UBS

merger. The new bank will be the second largest in the world and the

world’s largest asset manager with pounds 598.8 billion under

management.



Meanwhile, City experts are predicting further fall-out for in-house PR

departments in other banks, with the prospect of further mergers in the

months ahead.



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