strategic accelerations

A thing we sometimes do here is hold ad hoc seminars in reading press releases and UBS provided a good one yesterday. When you read this:

UBS announces strategic acceleration from a position of strength

and it goes on to say this:

Group CEO Sergio P. Ermotti said, “This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care.”

You pretty much know that it’s going to end in this (and this!), right?

UBS turned its plan to cut 10,000 jobs into reality when it prevented dozens of London-based employees from entering its offices on Tuesday.

Some of the Swiss lender’s fixed income traders discovered that their passes were no longer working when they tried to get to work at its Finsbury Avenue offices on Tuesday morning, bank insiders said. … “I was glad to see that my pass was working this morning,” said one banker who made it into the offices.

Were you? Why?

Anyway, yes, as noted, UBS is basically getting out of the FICC business: Read more »