UBS, For One, Welcomes Our Robot Leaders

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The Journal reports that UBS, toeing the party line, has cut 75% of its NYSE floor staff. Twenty three UBSers were notified that as of today, their presence would no longer be necessary (nine brokers, fourteen assistant/clerks). A spokesman for the firm feigned sympathy, noting that this was a “difficult decision” but not something he or his superiors would likely lose any sleep over, as “UBS continues to have a robust business in equities, trading more shares on major US exchanges than any other firm.” We don’t want to say the victims should’ve seen this coming, but maybe one should note that UBS is planning a return to its roots of Nazi private wealth management. You do the math.
UBS Cuts Floor Staff at NYSE [WSJ]

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