Layoffs

It’s the second straight year that Cliff Asness’ quant firm is announcing layoffs.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

Almost a year after taking over at the firm's investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.

CEO Sergio Ermotti has resisted pressure from some investors for large-scale layoffs, opting instead for smaller cuts with less impact on morale.

The firm has experienced net outflows in each fiscal year since 2014.

The firm is dismissing hundreds of workers after a periodic review of staffing.

Asset managers have felt the pressure as volatility roils global markets and investors continue to demand low-fee funds that require far fewer workers.

The bank, which has 265,000 employees, is struggling to grow under the weight of a Federal Reserve assets cap.

The cuts are said to range across several businesses in the group.

CEO Sergio Ermotti said UBS had begun to cut costs following the merger of the U.S. and international wealth management divisions.