Swiss bank UBS is laying off 51 employees at its Weehawken office, public records show, as New Jersey’s banking and finance sectors more broadly grapple with tightening budgets amid uncertain economic times.
UBS is reportedly looking to trim its costs by $13 billion, which includes cutting one in every 12 employees, according to Reuters. A spokesperson for UBS declined to comment for this story….
James Hughes, an economist at Rutgers University, told NorthJersey.com that white-collar jobs in banking and finance have become saturated after a two-year hiring spree that followed the COVID-19 pandemic.