http://www.businessinsider.com/ubs-layoffs-2011-8 “Nearly half of the job cuts will be in the investment banking division…The remaining cuts will come from the wealth management and asset management businesses” The havoc continues…
… now that there’s no more wealth to mange … It’s clearly not good news, though…
These news keep me awake at night! I am yet to break into the industry. Hope i am not faced to make some career changes, if i could forecast this i sure would have gone in the health care industry. God Bless this country!
More CFA candidates…enrollment will be up in December 2011 and June 2012.
So why the new round of layoffs 2 years on after 09? If banks like UBS/BoA had been doing badly last 2 years, shouldn’t there have been constant staff reduction over the period?
Palantir Wrote: ------------------------------------------------------- > So why the new round of layoffs 2 years on after > 09? If banks like UBS/BoA had been doing badly > last 2 years, shouldn’t there have been constant > staff reduction over the period? They “over-hired” - then “over-fired” - then “over-hired” again. See any pattern?
http://www.bloomberg.com/news/2011-08-23/european-bank-job-bloodbath-surpasses-40-000-as-ubs-cuts-workforce-by-5-.html “A lot of the cuts are likely to be permanent… In the long term, there will be far fewer bankers than there were.”
mp3bu Wrote: ------------------------------------------------------- > http://www.bloomberg.com/news/2011-08-23/european- > bank-job-bloodbath-surpasses-40-000-as-ubs-cuts-wo > rkforce-by-5-.html > > “A lot of the cuts are likely to be permanent… > In the long term, there will be far fewer bankers > than there were.” bad for my career, but probably better for society.
UBS has been on a downturn for the last 18 months. This round of layoffs shouldn’t surprise anyone.