PARIS: Swiss bank UBS is cutting about 15 investment banking jobs as it scales back its share-trading business in Paris, a source familiar with the bank's plans said.
The cuts under negotiation are on its share-trading platform and at its corporate centre as the bank shifts its trading focus in France to cash, leaving derivatives and structured products to be handled from London.
Seven or eight trading jobs are on the line, although the posts could be moved to London, the source told Reuters.
UBS declined to comment on Friday.
The move runs against a drive by Paris to lure more investment banking business away from London after Britain's vote to leave the European Union, leaving many banks looking to beef up operations within the euro zone.
The bank has restructured in recent years in France, including about 40 reductions in asset management last year.
Nonetheless, UBS is keen to build up its corporate advisory activity in France after hiring Gregoire Haemmerle from JPMorgan last year to head the business in France, Belgium and Luxembourg, the source said.
UBS also aims to expand its wealth management business in France, possibly through an acquisition, and is for now leaving UBS France out of its project for a euro zone platform based in Frankfurt.
The wealth manager has faced legal trouble in France and was forced to stump up a more than 1 billion euro ($1.13 billion)guarantee as part of an investigation into whether it had helped clients avoid taxes.
It is likely to learn soon whether it will face trial in the case.
In July Switzerland's tax agency ordered UBS to provide French authorities with information about its French clients after a request from Paris.
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