Difference is, UBS is the only one that’s faced facts already, ’cause they’re consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they’ll say, “Damn! UBS was all over this! We’re not worthy!” Read more »
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.”
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?
Management has decided to burn the investment bank down and start fresh (basically). Read more »
As those of you keeping up with the many trials and travails of UBS know, the last couple years have been fairly brutal for investment banking chief Carsten Kengeter. Pre-tax IBD profit was down 55 percent YoY through June, employees are constantly on his ass about getting paid, the comments he made in attempt to “rally the troops” re: “slashing expenses like a Jewish shopkeeper” were totally taken the wrong way, some guy perpetrated a $2 billion fraud (which was partially to blame for CK getting passed over for the promotion he was gunning for), and to top it all off, the higher-ups accepted his offer to forgo a bonus for 2011, which he would never have put out there if he thought they’d actually go for it. And now, as a thanks for all his hard work, management is publicly mulling the idea of lightening his load and paycheck, which could not come at a worse time considering he just put a down payment on a signed first-edition copy of Mein Kampf.* Read more »
Cuts are said to have gone down at the Swiss bank yesterday, with an HR SEAL Team 6 “flown in from NYC” to take out the West Coast employees. Read more »
The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in “more promising talent.” Read more »