UBS cuts Nyse floor jobs

UBS cuts Nyse floor jobs

UBS has become the latest firm to cut floor staff at the New York Stock Exchange following the Big Board's move to a hybrid trading system.

According to press reports the Swiss bank is cutting 23 jobs from its 30-person trading floor staff at the Nyse.

Most of the affected staff hold administrative jobs, although nine of the bank's 16 floor brokers are also affected.

UBS spokesman Kris Kagel says the bank is restructuring its Nyse floor operations in reponse to the increase in the use of electronic trading platforms.

The bank is the latest in a string of Wall Street firms cutting staff at the Nyse. In January Nyse specialist Van der Moolen cut 55 floor jobs - 30% of its US workforce - just as the Nyse moved all listed securities to the new hybrid trading platform.

Lehman Brothers, Goldman Sachs and LaBranche & Co have also scaled back their Nyse operations. Last month Bank of America laid off a further 43 Nyse specialists and clerks - which is in addition to 40 laid off in January - and warned staff that more job cuts were on the way.

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