Other Banks Ask 'How Are We Supposed To Compete With That?' After UBS Sets The Anniversary Presents Bar Impossibly High

Apparently we spoke too soon when reporting UBS had presented every employee with a "specially commissioned watch" to commemorate the 150th anniversary of the bank's birth, as the gift was actually more of a gift basket that included fine china (which one recipient described as being of "pretty decent quality."
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Apparently we spoke too soon when reporting UBS had presented every employee with a "specially commissioned watch" to commemorate the 150th anniversary of the bank's birth, as the gift was actually just one piece of a gift basket that also included fine china (which one recipient described as being of "pretty decent quality").

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UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y'Know

Difference is, UBS is the only one that's faced facts already, 'cause they're consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they'll say, "Damn! UBS was all over this!" A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit...“I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019,” Weber was quoted as saying in Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand, see this new world very clearly,” he said. “Besides that, Swiss rules commit us to even higher own capital demands than the 10 percent capital quota that Basel III orders.” UBS Chief: Other Banks May Need To Downsize Too [AP] Earlier: Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

Layoffs Watch '12: UBS

The Swiss are not yet done with their firings. "FYI, layoffs going down right now in IBD at UBS as well."

Bonus Watch '13: UBS

Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.

Bonus Watch '13: UBS

The Swiss bank will reportedly announce today that it's going to be doing things a little differently around here re: compensation. One, deferrals will start at $250,000 and two, rather than being paid in UBS stock, the non-cash portion of 6,500 senior employees' bonuses will come in the form of subordinated debt that can and will be wiped out in the event the amount of capital on hand falls below the level required by EU regulators, putting the onus on everyone to make sure no one pulls an Adoboli and avoids multi-billion dollar fuck-ups in general.

Layoffs Watch '12: UBS

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."