The extent to which this is linked to what happened yesterday is unclear, but it now appears that UBS might make more than a mere 300 redundancies in London.
Reuters reports, via Tages-Anzeiger, which has spoken to 'UBS Insiders' that the bank will announce a, "major restructuring" at its investor day on November 17th. It doesn't say specifically that a larger-than-previously-expected number of investment bankers will be restructured out of existence, but this is the general interpretation.
Who will be fired next: Kengeter or Grübel? ( Tages-Anzeiger )
"We expect UBS will come under material pressure from shareholders and FINMA to review its investment bank business ... the trading loss being the final straw, leading to material restructuring," said analysts at JPMorgan Chase. ( Financial Times )
Maybe UBS will just sacrifice Karsten Kengeter. ( Financial News)
Adoboli hires the law firm that advised Nick Leeson. (BusinessWeek)
UBS has been placed on downgrade review by all main ratings agencies. (BusinessWeek)
UBS bankers face zero bonuses. (Financial Times)
The risks of being an investment banker. (Amaeryllis)