UBS to fire 10,000 bankers.

[No Elephants]

by Katharina Bart

ZURICH | Tue Oct 30, 2012 3:23am EDT

(Reuters) - UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.

The move will focus the Zurich-based lender and wealth manager around its private bank and a smaller investment bank, ditching much of the trading business that saw it lose $50 billion in the financial crisis and one suspected rogue trader lose $2.3 billion last year.

Chief Executive Sergio Ermotti, a former Merrill Lynch banker who took over after the trading scandal, is spearheading the three-year investment banking overhaul that is aimed at saving 3.4 billion Swiss francs ($3.63 billion), on top of existing cuts of 2 billion francs.

The Swiss bank will separate many fixed-income activities in order to wind down positions in businesses it will exit as they are no longer profitable due to far tougher capital rules on riskier business introduced after the crisis.

http://www.reuters.com/article/2012/10/30/us-ubs-restructure-idUSBRE89S0DM20121030


In 1815 C.E., Switzerland decided to stay out of wars abd instead remain friends with all nations. It has not even joined the United Nations.

Turns out, the people in a country that remains neutral do okay!

Switzerland is one of the richest countries in the world by per capita gross domestic product, and has the highest wealth per adult (financial and non-financial assets) of any country in the world.<8><9> Zurich and Geneva have respectively been ranked as the cities with the second and eighth highest quality of life in the world.<10> It has the world's nineteenth largest economy by nominal GDP and the thirty-sixth largest by purchasing power parity. It is the twentieth largest exporter and eighteenth largest importer of goods.

http://en.wikipedia.org/wiki/Switzerland

[Enthusiast]

1. Yet Romney wants to repeal

weak Dodd-Frank.

If the electorate understood this, the Democrats would be elected in a landslide.

[No Elephants]

2. Maybe if the public really understood it, something else would happen.