Marcel Rohner says he's determined not to tout UBS' investment bank to the highest bidder, but he's making all the right moves to allow him to do so should he change his mind. Following another $5.1bn of writedowns and a fourth straight quarterly loss, Rohner is splitting the bank into three distinct entities (private banking, investment banking and asset management). Further redundancies haven't been ruled out and there's a new compensation formula based on return on capital (Financial Times).
Biggest writedowns since it all began: UBS $42bn; Citigroup $47bn; Merrill Lynch $46bn (Guardian).
Lehman doesn't look pretty however you approach it (Wall Street Journal).
Merrill's hiring in Moscow (Financial News).
Collins Stewart's profits fall 82% as London listings dry up
Another $1.5bn of writedowns on mortgage backed securities for JPMorgan (Financial Times).
Moody's downgrades Morgan Stanley (Bloomberg).
60% of investors think another big bank will collapse (Financial Times).
Wall Street is no longer a taxpayer (Bloomberg).
Adecco has set aside €1.4bn for 'European acquisitions' (AKA Michael Page) (Alphaville).
Fist pumping is perfectly natural (Bloomberg).