UBS slashes spending on consultants as Credit Suisse project winds down

What happened: UBS cut spending on external consultants by more than $800mn and eliminated 5,500 jobs as its Credit Suisse integration nears completion. Key numbers: More than $800mn cut from advisers' bill; 5,500 jobs eliminated. Why it matters: The reductions reflect the winding down of the Credit Suisse project as the integration moves toward completion.

UBS cut spending on external consultants by more than $800mn and eliminated 5,500 jobs as its Credit Suisse integration nears completion.

The reductions reflect the winding down of the Credit Suisse project as the integration moves toward completion.