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UBS Halloween chainsaw massacre 2012
UBS announced more slashing than the entire Nightmare on Elm Street, Saw and Jason movies combined.
The investment bank announced that it is axing 10,000 employees in conjunction with a massive restructuring at their investment bank.
Chief Executive Officer Sergio Ermotti, who accepted the CEO role after the massive $2 billion rogue trading scandal, designed the new restructuring and downsizing plan which will chop-off 16 percent of the employees.
UBS, similar to other investment banks, is confronting a hostile and changing economy and marketplace and needs to realign staffing with the reality of lower revenues and profits.
In particular, Swiss regulators have exerted pressure on UBS and sister Swiss investment bank Credit Suisse Group to raise their capital and slash risky trading and investment-banking activities.
The fixed income sales and trading division will be segmented into a non-core business line and gradually phased down. The fixed income group will be managed by Mr. Carsten Kengeter, current co-head of the investment bank. The bank will pare down to its roots of being an equity oriented shop.
On the bright side, we could have gone with a different hack title and Halloween references; our editor Beth suggested going with UBS(acked).
