alstry (35.90)

Another 10% of Employees Fired!!!!

May 04, 2008 – Comments (1)

We are getting closer to 10% unemployment every day!!!!  15% may not be too far off.

UBS May Cut 8,000 Jobs After SF12 Billion First-Quarter Loss

By Elena Logutenkova

May 5 (Bloomberg) -- UBS AG may cut as many as 8,000 jobs as it grapples with the biggest credit writedowns of any European bank and a 12 billion-franc ($11.4 billion) first-quarter loss.

Switzerland's biggest bank, which had a 3 billion-franc profit a year earlier, is set to spell out plans for layoffs when it reports detailed results tomorrow. The company will probably say it's eliminating between 2,500 and 3,000 jobs in its investment bank, more than 10 percent of the division, two people familiar with the matter said May 2.

``UBS is scaling down investment banking,'' including reducing trading bets and giving up off-balance sheet units, said Frankfurt-based Landsbanki Kepler analyst Dirk Becker, who advises clients to ``reduce'' holdings of UBS. It is ``realistic'' to estimate that the company will fire one tenth of its 83,000 employees overall, he said.