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#1
10-29-2012, 11:15 PM
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UBS to slash 10,000 jobs in fixed income exit
UBS to slash 10,000 jobs in fixed income exit
10-29-2012 11:05 PM  UBS revealed plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. The move will focus Zurich-based UBS around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one rogue trader lose $2.3 billion last year. Chief Executive Sergio Ermotti, in charge for only 13 months, is spearheading the three-year investment banking overhaul that is aimed at saving 3. ...More... 
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