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Old 29.08.2011, 12:17
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The 900 job cuts recently announced at UBS and Credit Suisse could be just the beginning as. Switzerland's bank face massive belt-tightening across the board, a prominent Swiss banker says.

Read the full article: 10,000 Swiss bank jobs at risk: expert
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Old 29.08.2011, 13:43
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Re: 10,000 Swiss bank jobs at risk: expert

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The 900 job cuts recently announced at UBS and Credit Suisse could be just the beginning as. Switzerland's bank face massive belt-tightening across the board, a prominent Swiss banker says.

Read the full article: 10,000 Swiss bank jobs at risk: expert
Most of the bankers are overpaid #ankers, I doubt many people will loose any sleep over this.
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Old 29.08.2011, 13:47
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Re: 10,000 Swiss bank jobs at risk: expert

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Most of the bankers are overpaid #ankers, I doubt many people will loose any sleep over this.

its not 10,000 bankers, its 10,000 bank jobs, thats everything from cleaners up
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Old 29.08.2011, 13:56
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Most of the bankers are overpaid #ankers, I doubt many people will loose any sleep over this.
That is quite a naive viewpoint. The vast majority of any cuts will be back office staff. The aim will be to influence the share price by reducing the liability in the salary bill. In the medium term this will make little difference in actual spend as the work will be covered by contractors.

The overpaid group you mention will still be there .
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Old 29.08.2011, 13:59
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Re: 10,000 Swiss bank jobs at risk: expert

Oh, another "The Local" thread drumming up a storm. I wonder if this one will be as much of a tea-cup event as the end of days hail, thunder, lighting and calamity that we were expecting from Friday?

Economies are like the weather. They move. People loose jobs and find new ones.

Not too much need for Murdoch style reporting here I don't think. If you at the local are reading this, perhaps you could try and be a sensible paper???
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Old 29.08.2011, 14:02
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Re: 10,000 Swiss bank jobs at risk: expert

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Oh, another "The Local" thread drumming up a storm. I wonder if this one will be as much of a tea-cup event as the end of days hail, thunder, lighting and calamity that we were expecting from Friday?

Economies are like the weather. They move. People loose jobs and find new ones.

Not too much need for Murdoch style reporting here I don't think. If you at the local are reading this, perhaps you could try and be a sensible paper???
What's with this "user" local who only posts links about "actuality" which we are already debating for weeks?


Incredible news:
Exclusivity!!
Man walked on the moon!!! here:
www.thelocalwhatever.ch

Anyway is not a kind of spam or unwanted attention?

Edit: ha I see it's some kind of newspaper "linked" with English Forum... ha business, business...

PS: You don't have any "fresh news" rather than the 2 week old thing?
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Old 29.08.2011, 14:06
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Re: 10,000 Swiss bank jobs at risk: expert

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That is quite a naive viewpoint. The vast majority of any cuts will be back office staff. The aim will be to influence the share price by reducing the liability in the salary bill. In the medium term this will make little difference in actual spend as the work will be covered by contractors.

The overpaid group you mention will still be there .
Unless those back office staff are on big salaries, it won't make a huge difference, I expect that whole trading desks will go along with the overpaid #ankers.
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Old 29.08.2011, 14:10
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Re: 10,000 Swiss bank jobs at risk: expert

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Unless those back office staff are on big salaries, it won't make a huge difference
1. I don't think most of the back or middle office are on huge salaries, at least in my experience.
2. It may make a big difference to those people who loose thier jobs and thier families and the communities that they live in.

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I expect that whole trading desks will go along with the overpaid #ankers.
I generally find that a trading desk that is loosing money will be shut down no questions asked but one that makes profit stands no chance of being shut down. Imagine that, economics and logic at work in the banking sector.
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Old 29.08.2011, 14:14
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Re: 10,000 Swiss bank jobs at risk: expert

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I generally find that a trading desk that is loosing money will be shut down no questions asked but one that makes profit stands no chance of being shut down. Imagine that, economics and logic at work in the banking sector.
With bank's taking less risks, many desks won't have enough at risk to make the big profits they were. True at GS, so I am sure the smaller players will suffer as well.
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Old 29.08.2011, 14:19
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Re: 10,000 Swiss bank jobs at risk: expert

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With bank's taking less risks, many desks won't have enough at risk to make the big profits they were.
Yes, profit must be viewed over the long term and calculated with the risk at the same time. That is correct. A desk that runs at very high risk may not seen to be profitable over the long term and may get shut down.

By the way, I don't want to get into an ethical discussion about banking as that is a whole other can of worms but why do you call them overpaid?

How much profit do you make for your organisation? I have generally found with traders that the salaries are very reasonable, possibly even low compared to some fields, and bonuses are based on say a nominal percentage of the profit that they bring to the organisation. The more you profit you make, the more money you take home.

How does this equate to being overpaid?
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Old 29.08.2011, 14:29
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Re: 10,000 Swiss bank jobs at risk: expert

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Yes, profit must be viewed over the long term and calculated with the risk at the same time. That is correct. A desk that runs at very high risk may not seen to be profitable over the long term and may get shut down.

By the way, I don't want to get into an ethical discussion about banking as that is a whole other can of worms but why do you call them overpaid?

How much profit do you make for your organisation? I have generally found with traders that the salaries are very reasonable, possibly even low compared to some fields, and bonuses are based on say a nominal percentage of the profit that they bring to the organisation. The more you profit you make, the more money you take home.

How does this equate to being overpaid?
What I object to is in a downturn, when the bank makes a loss then large bonus's still get paid, they are not related to profitability. They are not taking any personal risk, it's a win - win situation.

If bonus's were paid after the shareholders were paid out for their risk taking, I would be perfective happy, unfortunately it's not the case. Bonus's have become expected regardless of performance.

EDIT if they were not overpaid, they would not be decreasing staff, they would be increasing staff, pure matter of supply & demand.
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Old 29.08.2011, 14:31
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Re: 10,000 Swiss bank jobs at risk: expert

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What's with this "user" local who only posts links about "actuality" which we are already debating for weeks?
This website is owned by a company called "The Local" - a Swedish expat news site.

They bought this forum to move into the Swiss expat market and start writing news on Switzerland in English for the local expats. Well, guess what: Their writers probably have the same news sources we do... but since they need to write proper articles, they need more time than we for a simple post.

The continuous re-posting of topics just to push the local newssite version of an old topic is still stupid IMHO...
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Old 29.08.2011, 14:51
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Re: 10,000 Swiss bank jobs at risk: expert

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If bonus's were paid after the shareholders were paid out for their risk taking, I would be perfective happy, unfortunately it's not the case. Bonus's have become expected regardless of performance.
So, improperly paid would be better than overpaid.

By the way, the executive management who take big bonuses during down times, I agree, but I don't see them as bankers. They are professional managment, no bankers.

Most of the other people in the bank don't get bonuses during bad times unless they have negotiated them up front in thier contracts and then they cannot be considdered overpaid or if they made a profit for the bank and then I don't considder them overpaid.
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Old 29.08.2011, 15:02
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Their writers probably have the same news sources we do... but since they need to write proper articles, they need more time than we for a simple post.
Proper articles? Need more time? R-e-a-l-l-y????

First thing I did was read the article from TheLocal.

Second thing I did was read the quoted original article from the Sonntagszeitung.
(Google translation to English of the Sonntagszeitung article, here for non-German speakers.)



If that's journalism, then I'm a Thai Lady-Boy
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Old 29.08.2011, 15:08
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Re: 10,000 Swiss bank jobs at risk: expert

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I'm a Thai Lady-Boy
Finally some real news....I wonder if The Local will run the headline.... EF forum memeber outs himself online.

We are all very proud of you for finally having the guts to come out though.











Last edited by colinwheeler; 29.08.2011 at 15:09. Reason: Just to add a blush for the blatant misquote...hehe.
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Old 29.08.2011, 15:12
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Re: 10,000 Swiss bank jobs at risk: expert

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That is quite a naive viewpoint. The vast majority of any cuts will be back office staff. The aim will be to influence the share price by reducing the liability in the salary bill. In the medium term this will make little difference in actual spend as the work will be covered by contractors.
Sounds to me like outsourcing your core competence. Not really a good idea.
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Old 29.08.2011, 15:14
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Re: 10,000 Swiss bank jobs at risk: expert

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This website is owned by a company called "The Local" - a Swedish expat news site.

They bought this forum to move into the Swiss expat market and start writing news on Switzerland in English for the local expats. Well, guess what: Their writers probably have the same news sources we do...
... but don't understand them as well as the collective wisdom of the EF does. So the whole concept of telling us to go there to learn more is rather absurd.
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