UBS to cut Credit Suisse investment bankers in Spain, Bloomberg reports

UBS plans to lay off all of Credit Suisse’s investment bank employees in Spain, Bloomberg’s Macarena Munoz Montijano reports. According to a person familiar with the matter, UBS informed employees Wednesday that it’s starting a restructuring process that will affect 147 people, including all investment bankers in the country and a smaller number of back office and middle office staff in wealth management.