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Old 09.10.2008, 17:08
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Re: How Safe is UBS

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This is an original excerpt from an e-mail circulated in a large CEE bank today....

"Valid from Monday, the 13th of October, please cancel all your business trips and trainings you have planned until the year end.
The reason for this step is the actual situation, which leads to the necessary cost cutting. The cost reduction initiative was discussed in the Holding Board Meetings.
In case your business trips or trainings have to take place necessarily, please discuss the matter with XXXX and we will consider it individually.

Thank you for your understanding!"

This reminds me very much of 2001....
It remains me of stupid short-sighted management. Unless these "business trips" and "trainings" (sic) are euphemisms for 'jollies' and 'bun fights', this is the last thing a business should be doing.

When we consider the amounts of money passing down the drain hourly in this crisis, what difference will it make by have less trained staff and salesmen sitting in the office?? Will this move improve things? Unless they are going to fire the lot...
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