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.
Who said Credit Suisse is pulling out of investment banking? (DealBook)
There is life after trading (The Times).
ANZ cuts 800 workers (Bloomberg).
Citadel cutting 50% of jobs in Tokyo (Bloomberg).
Deutsche cuts 30% of staff in Russia (Financial News).
"I think it's pretty clear that the whole financial sector is going to be smaller than it was. It's not going to just consolidate; it's going to shrink." (CNN)
The colder the market for jobs, the hotter the market for adultery (Financial Times).
A job on Wall St: Are you crazy? (Yale Daily News)
Aladdin Capital hiring 15 people in London next year (Financial News).
Government debt is riskier than HSBC's (Evening Standard).
Morgan Stanley's head of UK M&A died of a heart attack at his desk aged just 47 (DealBook).
Two heads of Goldman's special situations group leave (Financial News).
Goldman cuts its Hong Kong housing perk (Bloomberg).
780k bonus per partner at Knight Frank estate agents (The Times).
Lost your job? Join the army (CNBC).