Lunchtime Links: Will UBS be down to 10k investment bankers by the end of the year?

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Today is the day that UBS released its fourth quarter results. They weren't particularly beautiful - the bank made a record loss last year, and promised another 2,000 job cuts at its investment bank in preparation for a hopeful return to profitability in 2009. At the end of the last quarter UBS employed 17,100 investment bankers. In an interview on Bloomberg TV, Tower Group analyst Ralph De Silva predicted that headcount could drop to 10k by the end of this year for the simple reason that there's not enough for them to do. However, UBS will always need some kind of investment banking presence says De Silva - private banking clients need investment banking products.

Great big guarantees for ex-Lehman bankers in the US (Evening Standard)

Bonus 'Incentive compensation' (Guardian)

Joining an investment bank two years ago was like "joining a gang of jewellery robbers just after they made the heist of the century and just before they got caught by the police." (Financial Times)

'Psychopathic denial' at the Daily Mail. (Daily Mail)

London needs to calm down about banks. This is an industry on which its future heavily depends. (Evening Standard)

Bankers would face a 25k cap on cash bonuses under plans being examined by the Treasury. (Guardian)

Stop being so mean to bankers - they don't deserve it. (The Slate)

Juniors getting junked at BofA. (Dealbreaker)

Barclays: In theory it would need only a 1% deterioration in the bank's 2.05 trillion of assets to wipe out its capital cushion of 17bn and require it to seek fresh capital. (The Times)

SORRY. (The Times)

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