bright sides

  • 16 Jan 2013 at 12:27 PM

Layoffs Watch ’13: UBS

Cuts are said to be going down in New York. Read more »

As you may have heard, UBS announced last week that it’d lost about $2 billion, a ballpark figure that the bank said today is actually closer to $2.3B. Separately, you may have also heard that the past several years? Have not been the best of times for the Union Bank of Switzerland, which has been plagued by layoffs, shitty bonuses, and mandates where, for instance, employees have been forced to run out and buy ties and then told “nevermind, you don’t need them” after it’s too late to make a return for anything but store credit. The news that a rogue trader named Kweku Adoboli had racked up a loss massive enough to potentially wipe out third quarter profits would be viewed by most as the latest kick in the pants for the Swiss bank, and presumably not something management would be pleased to hear. Or would they? According to one analyst, Adoboli may have just solved their problems. Read more »

Rates for borrowing and lending securities in the repurchase-agreement market rose and investors sought to extend maturities on concern power outages and closings of mass transit will keep traders home after Hurricane Irene strikes. “Traders want to fund some of their positions through Tuesday — expecting some co-workers might be out on Monday — to ease the funding burden in case they are short-staffed,” said Scott Skyrm, senior vice president and head of repo and money markets at NewEdge USA LLC in New York. [Bloomberg]

As you may have heard, the Feds are currently hoping to nail a not insignificant number of people for insider trading. Whether you’ve merely dabbled in the hot tips game or traded on material non-public information so many times you’ve lost count, the question ‘Would I survive in the big house?’ may have crossed your mind. It’s a legitimate worry but today you can unclench your fear-stricken ass. Read more »