Swiss bank UBS has shut down its investment-banking office in Los Angeles, US, as part of its restructuring strategy of the unit, subsequently affecting nearly 20 bankers and support staff.
In a telephonic interview, UBS spokeswomen Karina Byrne was quoted by Bloomberg as saying that the bank is likely to transfer some of the employees to its San Francisco office, which will remain providing services to clients in Southern California.
"You can consider these changes to be part of the next step in the implementation of our strategy, a refinement of our investment-bank model by focusing on those areas where we believe we can be successful," Byrne told the news agency.
In October 2012, the lender had announced plans to eliminate approximately 10,000 positions and abandon capital-intensive trading businesses to enhance profit, as reported by Bloomberg.
The closure in Los Angeles will not affect its advice and underwrite debt and equity offerings for corporate clients.
Operating in more than 50 nations, UBS employs approximately 63,000 staff and provides an array of financial products and services, including retail banking, private banking, and wealth management services across the globe.