People Moves
Italian Tax Amnesties Force UBS To Cut Staff In Southern Switzerland
The Swiss banking giant UBS is eliminating 25 jobs in the Swiss canton of Ticino, following the third Italian tax amnesty, Swiss media reports suggest.
According to Handelszeitung, the Swiss business weekly, 17 employees will go into early retirement and eight further employees will be transferred into a social plan, which aims at helping them to find a new job at the Swiss banking giant or externally.
Yesterday, a person familiar with the situation was able to confirm this information when contacted by WealthBriefing.
The job eliminations are said to be a consequence of the third Italian tax amnesty since 2001, which ended in April 2010. The amnesties have led Italian citizens to declare a total of €104.5 billion ($130 billion) in assets.
UBS employs 1150 staff in Ticino.