More investment-banking jobs will have to go at UBS in light of another $19 billion in write-downs that the Swiss banking giant will take, the company's chief executive said Tuesday.
Fresh cuts will come on top of the 1,500 job losses that UBS announced in October. They'll likely be focused on the fixed-income side of the company's business, where other firms have also been shedding jobs in recent months.
"The environment is tough, and we will have to review our capacity," said CEO Marcel Rohner on a conference call with analysts.
Tuesday, April 1, 2008
More Signs of Strength at UBS
As I write this the market is rallying hard. Go figure. Up is down, left is right, East is West. Here is another sign of how strong the economy is -- especially the financial sector:
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6 comments:
April Fools Joke???
an emotionally-driven trend and likely to provide more slope for a slippery summer.
I've been wondering all day what the markets are rallying on....
A huge bank admits to giant losses, and the market rallies 300+ points?!
I think I missed what everyones' so excited about. Glad I'm not the only one left out of the loop.
Seriously. Why if we had guys like Bernake, Paulson and Bush back in 1929, 1987 and 2001, there would have been no Great Depression, World War II, 1980's recession and dot com crash. Where were these geniuses when we needed them?
The markets are so cute, aren't they?
The flip side of this cuteness is the impact of the declining markets and declining house prices as shown in this WSJ article on the about-to-retire boomers:
http://online.wsj.com/article/SB120699498978778055.html?mod=hps_us_pageone
and we know those boomers are not likely to suffer in silence. It should be interesting.
Joke???
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