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The logo of Swiss bank UBS is reflected in a traffic mirror in Zurich April 30, 2013. Switzerland's biggest bank UBS beat expectations for first-quarter profit thanks to a surge in trading income from its investment bank and more fees from wealthy clients.Arnd Wiegmann/Reuters

UBS AG, the Swiss-based investment bank, has shown four research analysts the door in Calgary and Toronto, reducing its capacity to cover energy and banks as it seeks to cut costs in a weak deal environment, sources familiar with the move said Wednesday.

UBS cut energy analysts George Toriola and Matt Donohue in Calgary, and banking analyst Peter Rozenberg and an associate in Toronto, according to the sources, who spoke on condition on anonymity. The reductions were said to be related to cost cutting, not performance.

Chad Friess, the bank's other Calgary-based energy analyst, remains on the job, though it is expected that position will be moved to New York, one source said.

A spokeswoman for UBS in New York declined to comment on the staff reductions.

The move extends a string of cuts in Canadian research at UBS. The department has shrunk to four positions from more than 25 a year ago, according to one estimate.

"They've found it really tough to compete in a lean deal-flow environment," a source said.

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