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UBS Group and Simmons Energy (the energy affiliate of Piper Jaffray) have cut banking staff in their oil and gas banking sectors, according to a report by Reuters.
The exact amount of jobs affected by the cuts was not disclosed.
Jefferies Group Inc. made similar cuts to their energy banking staff last month.
Similar to Jefferies, UBS and Simmons cited the slow down of energy transactions as the reason behind the cuts.
Both companies declined to comment.
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