UBS Cuts 200 US-based Brokers (NYSE:UBS)

Swiss banking firm UBS (NYSE:UBS) cut about 200 jobs in its US brokerage unit, Reuters reported Friday.

The cuts represent about 1.2% of the unit's total 16,295 employees, the report that cited inside sources said.

Over the past year, a number of brokers have left the bank following market turmoil and taken clients with them, as the bank reported in the third-quarter that almost $10 billion in assets had been withdrawn.