Layoffs Watch '10: UBS

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Postcards from tax evasion HQ:

More layoffs at UBS Wealth Management- today and tomorrow and more to come next month. My group lost a lot of EDs and about a third of the entire group. It's a bloodbath.

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Cuts are said to have gone down at the Swiss bank today. "Layoffs at UBS IBD, as if moral wasn't low enough at 299 Park. M&A, FIG, TMT affected."

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Cuts are said to be coming in the near-ish future. "More layoffs are expected to take place within the next 2-3 weeks with at least 10pct cuts across the board in sales, research and trading. Morale has reached a new all-time low (hard to imagine it could become lower?) and at this point many have the attitude that if they get out now at least they'll get a package out of it."