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Old 24.08.2011, 20:45
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Re: Bad news from UBS

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the bankers generate the bank's revenue. support staff is there to support that effort. of course when times get tough, it makes sense to trim the cost center first.
Read the accounts and do the math!!! The banks are continuing to pay the bonuses, but the fees generated by these advisers is actually falling, hence my original comment about over paying for client acquisition. Continuing such a strategy will simply drive a bank into the ground.

The nature of banking has changed, for the big banks it is becoming a commodity industry. And the only way to win it that game is be highly efficient at servicing because that is what will count in the end.

This is not the time to start investing in banks, just because they are cheap.

Jim.
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  #42  
Old 24.08.2011, 21:35
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Re: Bad news from UBS

Tell that to the IT workers who have lost their jobs in the last month.

Cheers,
Nick

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Back office, IT is here in Altstetten where I work (no, I'm not a banker) and these jobs are not concerned.
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  #43  
Old 25.08.2011, 06:15
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Re: Bad news from UBS

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Be clear about it. Is is like the famous "two sides of the sword". For the employees of UBS and CS, that they were among the best paid employees around for decades was nice, but it made them vulnerable, as reducing their numbers will save costs quite considerably

At the other hand, these reductions in the end may reduce the ability of the company to provide services asked for. So that the companies will have the choice between saying "oh sorry, we cannot" or hiring outside forces
I can't comment too widely as my experience of employees of either bank is limited, but they were neither very good or very expensive - at least in Switzerland. I believe CS has several thousand Cognizant staff supplementing its IT staff so it doesn't have to run its own IT (effectively).

No idea about UBS but I am staggered they are still paying bonuses after they gave all their staff 20-50% pay rises in lieu. Maybe the bonuses go to the staff that didn't get the in lieu pay rise?
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  #44  
Old 25.08.2011, 07:28
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Re: Bad news from UBS

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the bankers generate the bank's revenue. support staff is there to support that effort. of course when times get tough, it makes sense to trim the cost center first.
If you cost the bank billions in bad loans and failed investments, who's the 'cost center' again? You or the IT guy?
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Old 25.08.2011, 09:32
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Re: Bad news from UBS

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If you cost the bank billions in bad loans and failed investments, who's the 'cost center' again? You or the IT guy?
You can start by cutting the risk team!

Seriously though, UBS Never made a consistent profit from its IB activities, like ABN and many other players. It made some traders rich, but not the shareholders. Best of out of it they is.
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