Pink Slips For Everyone!UBS To Cut 1,500 From Its Investment Bank

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So UBS has said it will shed 1,500 jobs in its investment bankuildup. Early signs of trouble was the news earlier this month that the chairman of European investment banking at UBS was blting to Lazard after more than 30 years with the swiss bank and the sudden, mysterious departure in July of its Chief Executive, Peter A. Wuffli. Wuffl has overseen a big expansion of leveraged lending at the bank, something which looked great during the "golden age" of private equity buyouts but now has many banks with morning after regrets.
Next up with job cut announcements: Citi.
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Credit crisis strikes UBS, Citi, Credit Suisse [Reuters]

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