From BusinessInsider: About a month and a half ago someone told us, "the UBS investment bank is f$%^ed." It's been coming true ever since and today, some startling news hit that makes it looks like that's even more of a reality. A huge round of 5,000 layoffs were announced in July. The bank officially started sacking people a couple of weeks ago. More are expected.
And today, in case you haven't heard the news, a rogue trader named Kweku Adoboli recently cost the ibank $2 billion (there was word that his trade had something to do with the Swiss Franc, which was a great trade until recently, when the Swiss government decided to intervene in the currency to bring it closer to the Euro).
Here's what a UBSer tells us about the effects of that $2 billion loss. They say, "A bunch of employees that were staying put anticipating a bonus just got sacked in the nuts." Which suggests that people will leave for other job opportunities before bonuses are paid out in March.
Read more: http://www.businessinsider.com/all-of-the-ubs-employees-staying-put-anticipating-a-big-bonus-just-got-sacked-in-the-nuts-2011-9#ixzz1Y34GfZh9
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