Due to declining income from trading at its investment bank in Paris, UBS has now decided to act.

Andrea Orcel, the head of UBS’ investment bank, is wielding the axe after a set of disappointing figures. The bank will cut 15 jobs at its Paris-branch, according to «Reuters». The jobs to go are in trading and in the corporate center.

The cuts are also to be seen in the framework of a shift of derivatives and structured products trading to London from Paris, the report said. UBS didn’t want to comment the plans.

Change of Focus

UBS is in the process of changing its focus in France. It has already cut some 40 jobs in asset management in the past years.

At the same time, the bank strengthened corporate advisory, which is less capital intensive, hiring Gregoire Haemmerle as head of France, Belgium and Luxembourg.

Investigation Underway

UBS also wants to increase its wealth management business. The bank however faces a French probe on a suspected case of tax avoidance – a case that has been in the offing for quite some time.

The Swiss No. 1 bank had been forced to pay a deposit of 1.1 billion euros as a security. The local branch was fined more than 10 million euros last year and some of its employees are still under investigation. It is still unclear when the case will be settled and whether the bank will have to pay a fine.