August 20, 2002 — UBS Warburg’s energy trading arm plans to cut 130 jobs to cut costs.
The job cuts represent 25 percent of the work force in the energy trading unit which the company acquired from Enron, Associated Press reported.
The company plans to continue trading energy and its Canadian operations will not be affected by the move, a spokesperson said. The job cuts were necessary to deal with lower revenue from energy trading after Enron’s declaration of bankruptcy last year.
Roughly 600 workers in Enron’s trading operation moved over to UBS when it acquired the energy trading unit in January, AP said.