Lunchtime Links: How many more people can UBS cut?

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Not happy with holding the dubious accolade of 'bank which has cut the highest percentage of its staff since October', UBS is said to be contemplating cutting again. According to a weekend report in Switzerland's Sonntag newspaper (picked up by Reuters), UBS could cut another 4,500 jobs in the 'near future.' The bank has already scaled back hugely in trading and structured credit and is in the midst of trimming additional staff in equities and investment banking after starting a programme of 2,000 investment banking layoffs in October. A further 4,500 cuts, were they all to fall in investment banking, would leave the bank with 54% the number of staff it had at the end of 2007. However, according to our worst case scenario analysis, even this may not be enough.

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