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:

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.