Cuts are said to have gone down at the Swiss bank yesterday, with an HR SEAL Team 6 "flown in from NYC" to take out the West Coast employees.
From the front lines:
"Massive cuts at UBS west coast IBD offices yesterday-- 50 percent headcount reductions in both LA and San Fransisco, from MDs down to admins. HR was flown in from NYC to do the job. Rumor is that LA and SF office will be closed down completely next year. There were also some cuts in NYC, in FIG and TMT."