UBS cuts about 200 jobs in London, including investment bankers

The signal here is less the headline number than the location: London is UBS's largest hub outside Switzerland, so trimming there touches the bank's core European footprint rather than a peripheral office. The inclusion of investment banking roles matters because that is where cross-border dealmaking and, increasingly, tokenisation and digital-asset coverage sit. Which teams were cut is the open question — UBS did not say — and whether this is routine post-merger housekeeping or the start of a broader retrenchment in London is worth watching.