UBS India, the domestic franchise of Swiss banking major UBS Group which last month surrendered its banking licence, has started laying off around 50 people, who are affected by the decision.
When asked, a UBS spokesman said: “Around 50 redundancies (confined to the employees of the bank branch) are envisaged between now and the end of the second quarter of 2015.”
On the severance package being offered to the employees who are to lose jobs, the spokesman said today that “the group considers such information confidential.”
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