Layoffs Watch '12: Phil Falcone's Passion Project Forced To Make Difficult Decision

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Those affected should take heart knowing it'll all be worth it in the end.

LightSquared Inc., the wireless company backed by hedge fund manager Philip Falcone, said on Tuesday it plans to lay off nearly half of its employees to save money. The Reston, Va.-based company said it will cut 45 percent of its 330-employee workforce and called the planned move a "prudent and necessary cost savings measure to ensure the long-term success of the company." On Monday, LightSquared failed to pay $56 million it owed to a British satellite partner Inmarsat. A week ago the U.S. Federal Communications Commission dealt the company a severe blow when it said it would revoke permission for LightSquared to move ahead with its wireless network, after tests found that it would interfere with Global Positioning Systems used by airliners and the military. As speculation has mounted that the company might soon be forced to file for bankruptcy, Falcone has steadfastly ruled that out.

LightSquared plans to cut 45 percent of workforce [Reuters, related]

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Layoffs/Hiring Watch '12: UBS

The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in "more promising talent." is embarking on a new round of job cuts within its investment bank, according to people familiar with the matter, as the Swiss bank grapples with a downturn in business that shows few signs of abating and considers a further restructuring of the division. UBS will begin notifying employees Wednesday of a new round of job cuts totaling roughly 400, the people said. Additional job losses that could run into the thousands may quickly follow. According to one of the people, there is a "good probability" that when UBS discloses its third-quarter results next Tuesday, it will make clear which businesses it intends to focus on in the years to come, and which ones it will de-emphasize...This week's jobs cut will be spread roughly evenly across North America, Europe and Asia, one of the people said. They will fall more or less evenly on fixed-income trading, equity trading and corporate finance, although the latter will bear slightly more of the brunt than the former two divisions. While these job cuts are mainly mean to cut costs, they are also part of a plan to cull the worst performers from the investment bank's ranks and create room for it to hire more-promising talent, one of the people said. UBS Plans More Job Cuts [WSJ]