UBS Warburg cuts jobs

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UBS Warburg has cut the size of its once 80-strong European technology corporate finance team by up to 40% as it scales back its ambitions in the sector.

Two more managing directors, David Dwek and Mike Lehman, have recently quit, although the bank did not link their departures to recent redundancies.

The former co-head of the team, Rob Woodward, left in May to be managing director of 4Ventures, a division of the UK's Channel 4. He had previously been based in a separate internet team, which was integrated into the technology team last year.

UBS Warburg was unable to confirm the present size of the team, but said that five bankers had recently been made redundant and that others had been redeployed.

There could now be as few as 50 bankers in the group, yet, at its height, the team had 45 in London alone.

The European team continues to be led by Julian Hirst. The global head, Jim Feuille, is based in San Francisco.

UBS Warburg announced a round of 240 redundancies across the bank in May and there have since been around 40 more.

These changes in technology represent a big setback for the bank, which had embraced the industry with enthusiasm last year, establishing probably the largest corporate finance team in Europe.

Even Credit Suisse First Boston, which has long invested in technology, had a much smaller team in Europe and Goldman Sachs' team was less than half the size of UBS Warburg's.

The volume of technology M&A has fallen dramatically this year and a number of other banks are considering cuts in their investment banking teams.