The Swiss apparently began implementing their new revenue-generating plan earlier this afternoon.
"FYI: Layoffs started happening today across the sales, research and trading groups as well as the I-bank."
No word on severance or when the rest of the cuts will come.
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."
Cuts are said to be going down circa now. "FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way."