UBS to axe 5,000 jobs, Credit Suisse to cut 1,000: reports (More Wall Street blood bath)

Reuters ^ | 07/14/2011

[SeekAndFind]

UBS is set to cut around 5,000 jobs to save 1 billion Swiss francs ($1.20 billion) while rival Credit Suisse is planning to axe about 1,000 staff, Swiss newspapers reported on Thursday.

Citing an unnamed UBS insider, the Tages-Anzeiger daily said the precise details of the cost-cutting program still had to be agreed and approved by the board, but should be announced in conjunction with the bank's second-quarter results on July 26.

The newspaper had already reported on Tuesday that thousands of jobs were threatened at UBS and rival Credit Suisse, without giving precise figures.

UBS declined to comment but wealth management head Juerg Zeltner was quoted last week as saying the bank needs to rein in costs given tough market conditions while chairman Kaspar Villiger also said cost cuts were inevitable.

Meanwhile, Credit Suisse is set to cut about 1,000 jobs to save 800 million francs, the Handelszeitung newspaper reported on Thursday, also citing an unnamed insider. The paper said the bank would announce its plans along with its results on July 28.

[SeekAndFind]

This comes on the heels of Morgan Stanley announcing layoffs in the thousands yesterday. See here .

Goldman Sachs and Barclays have also announced job cuts. How many, we don't know yet.

[screaminsunshine]

We are broke. Period.

[americanophile]

Summer of Recovery II

[TSgt]

This isn’t a big-”fing” deal.

They’ll just train and work in the many millions of green jobs that Obama has created.

/Crackrock smoking

[subterfuge]

I work at a defense contractor division of about 850 employess. We laid off 160 back in March. Rumor is we’re going to slash another 400 this year. All these people will be competing for a job with the thousands that got laid off a few miles away at the NASA space center.

The company will desolve if owebama is reelected in ‘12, imo. And almost all of a *certain minority* group here voted for President Ego.

[null and void]

If spookydude gets a thrill destabilizing a single country's money, think of how much more of as thrill he'd get from destabilizing every country's money supply at the same time!!!

[businessprofessor]

Dodd-Frank rears its ugly head. After one year of understanding the law, the financial services industry reacts. Ironically, the leftist states will feel the pain the most. Leftist business professors should also take careful note. Investment banking as a career is headed for no where. Those pricey MBA programs will not be able to justify their exorbitant costs.

[GOPJ]

It’s like watching a train wreck in slow motion...

[Trajan88]

Well boo freakin’ hoo... UBS used to be my company’s employee stock administrator... that company would service charge me for every step of stock transaction process finally to the $5+ “fee” to mail me a stock proceeds check... we could not avoid any of their fees (either it was a mailing fee, an electronic transfer fee, etc.). My compnay dumped their sorry a$$es and went with E-Trade... we’ve been happy since.

[SeekAndFind]

More Bad news here:

http://www.businessinsider.com/wall-street-layoffs-7-2011?op=1

TITLE: JOBS SLAUGHTERED ALL ACROSS WALL STREET