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Is There Any Way To Save UBS?

It has been a rough couple of years for the folks at UBS. Switzerland's answer to Citigroup hasn't seen a profit in years and will likely rack up another loss for 2009. Having seen its profits and investment banking headcount surge during the credit bubble, the firm has been hemorrhaging people almost as fast as money for the past several years. But even with massive cuts and routine management changes, UBS has still not been able to stop the bleeding.
This week the firm received another kick in the teeth seeing BAC surpass it as the world's #1 wealth manager. With each passing quarter, those discussions with private banking clients about being the "most powerful two-person financial firm in the world" have to be getting ever more painful. With Swiss regulators watching the firm's every move, the golden era of secret bank accounts coming to an end, and new lawsuits by the day, UBS is quickly running out of lifelines free of Credit Suisse.
Gruebel Isn't Saying How Cutting 40% of UBS Can Help Earnings [Bloomberg]