The Swiss are said to be packing it in on the West Coast.
UBS is shutting down IBD in LA and San Francisco offices. Other US IBD offices bracing for major cuts as well.
According to a spokesperson for the bank, "We are not closing our SF office."
Cuts are said to have gone down at the Swiss bank yesterday, with more thought to be a' coming. 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 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."
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."
Unfortunately-timed cuts are said to have gone down this morning. From the front lines: "Over 30 IBD analysts cut at UBS in New York today. 2 days before bonus announcements..."
Cuts are said to be going down this morning in Stamford. From the front-lines: "So far affecting employees in cap markets. We've been hearing cuts were coming so I'd imagine there will be more through the day."
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."