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Old 23.08.2011, 11:20
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Bad news from UBS

Switzerland’s UBS bank plans to shed around 3,500 jobs, including 400 in Switzerland, as it seeks to cut some SFr2 billion ($2.53 billion) from annual costs by the end of 2013.



http://www.swissinfo.ch/eng/news_dig...l?cid=30965686
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Old 23.08.2011, 11:23
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Re: Bad news from UBS

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Switzerland’s UBS bank plans to shed around 3,500 jobs, including 400 in Switzerland, as it seeks to cut some SFr2 billion ($2.53 billion) from annual costs by the end of 2013.



http://www.swissinfo.ch/eng/news_dig...l?cid=30965686
meanwhile, the share price has recovered to, uh, Friday's level
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Old 23.08.2011, 12:08
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Re: Bad news from UBS

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meanwhile, the share price has recovered to, uh, Friday's level
Well, that's also thanks to some yanks sueing UBS for helping them to evade taxes before (?!). They want their money back. Only in America...

http://www.20min.ch/finance/news/sto...n-UBS-12977992
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Old 23.08.2011, 22:45
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Re: Bad news from UBS

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Switzerland’s UBS bank plans to shed around 3,500 jobs, including 400 in Switzerland, as it seeks to cut some SFr2 billion ($2.53 billion) from annual costs by the end of 2013.



http://www.swissinfo.ch/eng/news_dig...l?cid=30965686
That 400 jobs in Switzerland were to go became known a month ago, but THEN, the UBS promised that the reduction would be achieved by "fluctuations" and early retirements but nobody would be sacked. It NOW sounds differently and becomes clear that an unknown number of people WILL BE sacked Alright, true, morality has never been THE strong point of Swiss banking !
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Old 23.08.2011, 23:09
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Re: Bad news from UBS

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meanwhile, the share price has recovered to, uh, Friday's level
Well thats because it's good news for the bank, It's much easier to announce it when stock markets are choppy.
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Old 23.08.2011, 23:35
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Re: Bad news from UBS

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Switzerland’s UBS bank plans to shed around 3,500 jobs, including 400 in Switzerland, as it seeks to cut some SFr2 billion ($2.53 billion) from annual costs by the end of 2013.
From SwissInfo.ch Mar 16, 2011:

"Despite returning to profit for the first time in four years, UBS said it had cut its total bonus pool by 11 per cent to SFr4.25 billion ($4.63 billion) last year."

source: http://www.swissinfo.ch/eng/business...l?cid=29738198


Maybe UBS should stop handing out bonuses and start handing out calculators..!
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Old 24.08.2011, 00:12
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Re: Bad news from UBS

That is the problem with worldwide financial system.
Is promised to stakeholders bilions of profit.
When is not met they fire people to cut costs.

Not only Swiss Banks. How many companies do that. We did not achieve 50 bilions, only 25...5000 layoff.

As Freddie Mercury used to sing: Is this the world we created?
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Old 24.08.2011, 00:23
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Re: Bad news from UBS

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Maybe UBS should stop handing out bonuses and start handing out calculators..!
Yes, it seems that over paying for customer acquisition, while being unable to charge adequate fees and at the same time reducing your ability to service the customers, is not a winning formula.

Jim.
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Old 24.08.2011, 01:48
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Re: Bad news from UBS

More info, seems to be many banks incl. CS too.

Bank Layoffs: Carnage on Both Sides of the Atlantic

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Tuesday morning, Switzerland's biggest bank said it will cut 3,500 jobs over the next two-and-a-half years in order to reduce costs. Almost half of the job cuts (45 percent) will come from the struggling investment bank segment. UBS employs about 65,000 workers worldwide.
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In July, the Swiss banking group said it would cut up to 2,000 jobs -- including several hundred in the U.S. -- due to sluggish trading activity. The job cuts would affect equities, debt, finance and investment banking. Credit Suisse has about 51,000 workers.
http://www.ibtimes.com/articles/2024...of-america.htm
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Old 24.08.2011, 02:10
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Re: Bad news from UBS

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More info, seems to be many banks incl. CS too.

Bank Layoffs: Carnage on Both Sides of the Atlantic





http://www.ibtimes.com/articles/2024...of-america.htm
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
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Old 24.08.2011, 03:48
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Re: Bad news from UBS

Wolli's dream coming true. Are you happy now Wolli? Will you sleep well?
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Old 24.08.2011, 09:11
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Re: Bad news from UBS

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Wolli's dream coming true. Are you happy now Wolli? Will you sleep well?
No, not at all as UBS is to do now what they just a month ago said they would not, and that is sack employees. None of them now speaks about help for people voluntarily leaving the company, even if the "fluctuation" still is a topic.

Content I am about is that the CHF got more or less stabilized, even if on a relatively high level. But I think that ideas like the € being 1.35 are not realistic.
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Old 24.08.2011, 09:31
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Re: Bad news from UBS

People.. first everyone whines about investment bankers who destroy all that money and still walk away with a massive bonus.. now that all these very same investment bankers who underperformed and made the company lose money got fired you're still not happy...

Last edited by simon_ch; 24.08.2011 at 09:42.
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Old 24.08.2011, 09:43
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Re: Bad news from UBS

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People.. first everyone whines about investment bankers who can destroy all that money and still walk away with a massive bonus.. now that all these very same investment bankers who underperformed and made the company lose money got fired you're still not happy...
NO!




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Old 24.08.2011, 10:03
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Re: Bad news from UBS

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People.. first everyone whines about investment bankers who destroy all that money and still walk away with a massive bonus.. now that all these very same investment bankers who underperformed and made the company lose money got fired you're still not happy...

the 3500 people losing there jobs won't be banker who lost money, they will be back end staff, IT workers etc etc who had nothing to do with losing any money and no control over it, they'll get small payoffs and shown the door. people really need to get there heads round the fact that everyone who works for a bank isn't a banker!!
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Old 24.08.2011, 10:14
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Re: Bad news from UBS

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the 3500 people losing there jobs won't be banker who lost money, they will be back end staff, IT workers etc etc who had nothing to do with losing any money and no control over it, they'll get small payoffs and shown the door. people really need to get there heads round the fact that everyone who works for a bank isn't a banker!!
That's true.
I remember in UK when they fired many bank workers, while the RBS director was pocketing a nice £16 000 000 pension...
Source:
http://www.financemarkets.co.uk/2009...home-attacked/

While the bank workers had to queue in the job center for nothing (no job, too qualified, no benefits)

And while the politicians where pretending "doing something" (yes, maybe they meant "pocketing expense money")
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Old 24.08.2011, 10:20
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Re: Bad news from UBS

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the 3500 people losing there jobs won't be banker who lost money, they will be back end staff, IT workers etc etc who had nothing to do with losing any money and no control over it, they'll get small payoffs and shown the door. people really need to get there heads round the fact that everyone who works for a bank isn't a banker!!
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.
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Old 24.08.2011, 10:26
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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.
I'm not saying otherwise but people have to realise that the bankers who lost the money aren't the ones who suffer, and the troops on the ground are just as pissed off as everyone else when they see the top guys get huge bonuses and pay rises while they get the boot or no payrise (maybe even a pay cut) and tiny or no bonus, the last thing they need while losing there jobs is an angry mob telling them its all there fault, when in reality they are also victims.
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Old 24.08.2011, 10:29
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Re: Bad news from UBS

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the 3500 people losing there jobs won't be banker who lost money, they will be back end staff, IT workers etc etc who had nothing to do with losing any money and no control over it, they'll get small payoffs and shown the door. people really need to get there heads round the fact that everyone who works for a bank isn't a banker!!
Not true, it does indeed concern investment bankers:
http://www.nzz.ch/nachrichten/wirtsc....12045361.html

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Rund 45 Prozent der betroffenen Stellen werden im Investmentbanking abgebaut, 35 Prozent im Wealth Management und Swissbanking.
Back office, IT is here in Altstetten where I work (no, I'm not a banker) and these jobs are not concerned. Not saying that there aren't any office workers involved, but it's indeed mostly bankers who lose their jobs, and that, I'm afraid is just part of the game.
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Old 24.08.2011, 10:32
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Re: Bad news from UBS

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Not true, it does indeed concern investment bankers:
http://www.nzz.ch/nachrichten/wirtsc....12045361.html



Back office, IT is here in Altstetten where I work (no, I'm not a banker) and these jobs are not concerned. Not saying that there aren't any office workers involved, but it's indeed mostly bankers who lose their jobs, and that, I'm afraid is just part of the game.

are you on drugs? just because its in IB doesn't mean they are all bankers, you recon UBS even has 3500 bankers???
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