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UBS To Terminate 10,000, Or One Sixth Of Its Employees

Tyler Durden's picture


There is down-sizing; there is trimming-the-fat; and then there is UBS. The once-giant Swiss Bank just announced it will cut up to 10,000 jobs. This comes on top of the 3,500 from last year - which makes a rather dramatic weight-loss strategy for the 63,500 employee firm. As the FT reports, they will not happen all at once (so just after the election then?) but will lead to the closure of a sizable part of UBS' fixed-income trading operations (and other capital intensive areas of the investment bank). Perhaps in the understatement of the day: "There were several options on the table but UBS has decided on the most radical one," a person familiar commented as the plan is hoped to reduce complexity and costs - so no more Bloomberg Terminals? One thing surely gone is a source of fixed income axes: "The new strategy, hammered out in several executive board meetings in New York this week and set to be announced next Tuesday, will lead to the closure of a sizeable part of UBS’s fixed-income trading operations and other capital-intensive areas of the investment bank." The winner: Goldman of course, which in a world of collapsing trading revenues has taken to Lehmaning its competition once again, only this time not using brute force but the far more classical war of attrition in a collapsing economy.

Via FT:

UBS is set to unveil a radical downsizing of its struggling investment bank next week in a move that will prompt the loss of up to 10,000 jobs across the Swiss banking group.


Switzerland’s largest bank by assets will significantly shrink the trading side and complexity of its investment bank and as a consequence also cut thousands of jobs in its back office over the next few years, three people close to the situation said.


The job cuts will amount to almost a sixth of the bank’s workforce of 63,500 at the end of June. They will not happen all at once and the precise number is still unclear as the exact impact on back-office functions has not yet been determined.


It comes on top of another – still ongoing – programme announced last year to cut 3,500 jobs.


The move highlights how banks around the world are trying to adapt to a radically changed regulatory and market environment that has left them with lower returns and much higher capital needs for certain business areas and national subsidiaries.


The new strategy, hammered out in several executive board meetings in New York this week and set to be announced next Tuesday, will lead to the closure of a sizeable part of UBS’s fixed-income trading operations and other capital-intensive areas of the investment bank.




“There were several options on the table but UBS has decided on the most radical one,” one person familiar with the plan said.



Full story here


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Fri, 10/26/2012 - 15:08 | 2922387 Jason T
Jason T's picture

The axe is swinging wildly again.. 

Fri, 10/26/2012 - 15:21 | 2922421 spastic_colon
spastic_colon's picture

its hard for those fixed income traders to compete with the Fed and the Fed funded GS

Fri, 10/26/2012 - 15:46 | 2922492 malikai
malikai's picture

10k from back office? That's a lot of messy papery work gone..

Fri, 10/26/2012 - 15:50 | 2922505 Bananamerican
Bananamerican's picture

one sixth down....five sixths to go....

Fri, 10/26/2012 - 16:22 | 2922593 economics9698
economics9698's picture

Dodd-Frank will clean this up. /sarc.

Fri, 10/26/2012 - 18:21 | 2922794 Ratscam
Ratscam's picture

gotta send the guardia financia to get at the UBS Italo Team:
Ermotti, Spezzotti, Orcel, the first two former Merryll guys.
They are fighting against the Swissie Stadler and the teuton Jürg Zeltner, the later who sees himself as the future CEO of UBS.
IB will be reduced drastically with the sole remaining goal to funnel money into PB and AM, the remaining departments to make 30 bp's of AuM.

Fri, 10/26/2012 - 20:28 | 2923087 SilverRhino
Fri, 10/26/2012 - 23:00 | 2923346 FEDbuster
FEDbuster's picture


Sat, 10/27/2012 - 08:10 | 2923636 GetZeeGold
GetZeeGold's picture



Green shoots everywhere.....forward hoes.


Tue, 10/30/2012 - 09:02 | 2930960 yourfather
yourfather's picture

spoken like an insider...

Jurg is an impressive speaker I will give you that.

Fri, 10/26/2012 - 15:26 | 2922436 alstry
alstry's picture

Inefficient your new replacement in the Udder World

Why milk people when we can milk much more efficient technology....

Fri, 10/26/2012 - 17:04 | 2922700 ZeroAvatar
ZeroAvatar's picture

alstry:  Did Mish ban you from spamming your blog on HIS website?

Fri, 10/26/2012 - 18:14 | 2922806 Ignorance is bliss
Ignorance is bliss's picture

Ummm...that's the ibm link to Watson. You know Watson the super computer that will make knowledge workers obsolete. Kind of like algo computers make human traders obsolete.



Fri, 10/26/2012 - 15:27 | 2922437 Jonas Parker
Jonas Parker's picture

1. Fire traders

2. Buy more high-speed computers.

3. Give all "algos" free health  benefits.


Works for me...

Fri, 10/26/2012 - 15:29 | 2922443 DoChenRollingBearing
DoChenRollingBearing's picture

GOLD works for me Jonas!

Fri, 10/26/2012 - 15:39 | 2922474 MiguelitoRaton
MiguelitoRaton's picture

Only 5/6 more to go...

Fri, 10/26/2012 - 16:35 | 2922618 JPM Hater001
JPM Hater001's picture

Yeah but they are going to do what they always do to get there.  Fire brokers, transfer accounts to the ones left.  Fire assistants and product specialist and reduce the sales desk.


In other words, service is about to get worse.

Fri, 10/26/2012 - 17:33 | 2922756 ebworthen
ebworthen's picture

C'mon, this will spur the recovery onward; more people on unemployment under the "seasonal" category, more money for WalMart, more houses for the 1% to buy to rent out to the plebians, more food stamps, etc.

Fri, 10/26/2012 - 15:38 | 2922468 walküre
walküre's picture

Lloyd B: waiting for a flood of resumes to hit my inbox in 3,2,1 .. same as the day Lehman went tits up

Fri, 10/26/2012 - 17:06 | 2922707 ZeroAvatar
ZeroAvatar's picture

I watched a coupla seconds of video of Blankmind the other day:  One EVIL looking MOFO!  SCARY.

Fri, 10/26/2012 - 15:44 | 2922480 Thecomingcollapse
Thecomingcollapse's picture

Soup Lines..... Bitchez!

Fri, 10/26/2012 - 15:44 | 2922482 williambanzai7
williambanzai7's picture


Fri, 10/26/2012 - 17:19 | 2922732 reTARD
reTARD's picture

Brilliance in its simplicity. Great stuff WB7!

Fri, 10/26/2012 - 18:20 | 2922820 ebworthen
ebworthen's picture

I thought I heard a loud flush.

Fri, 10/26/2012 - 15:53 | 2922512 fockewulf190
fockewulf190's picture

Hassan Chop! Ol' Hassan is going to be up to his turban in work, chopping his ass off for at least the next decade.

Fri, 10/26/2012 - 16:00 | 2922544 Zero Govt
Zero Govt's picture

cruel Banzai ..but i like it

Fri, 10/26/2012 - 16:08 | 2922562 williambanzai7
williambanzai7's picture

You will appreciate this. When I told people to buy APPL in early 2009' they had a UBS account and the UBS guy starting arguing about it because he thought is was two risky an investment for seniors.

He had some other stupid idea that went absolutely no where.

Fri, 10/26/2012 - 16:10 | 2922545 williambanzai7
williambanzai7's picture

I will tell you this. They all thought Asia would save them...not! They are culling like crazy out here because the Chinese are not impressed with their bullshit and the Chinese privatization bonanza is finito.

The trading technology and outsourcing is driving head counts lower and the old relationship style of doing business got killed by Muppetology. No one has a long and storied relationship with their banker anymore. Every job is a cut throat open bidding process. No one gets the insider track like the good ol days. And basically people are saying what the fuck can you do for me?

What goes around comes around.

Fri, 10/26/2012 - 16:16 | 2922581 larz
larz's picture

start at the top please

Fri, 10/26/2012 - 15:08 | 2922389 NotApplicable
NotApplicable's picture

Honestly, how many people does it take to make sure the server is plugged in?

Fri, 10/26/2012 - 15:11 | 2922396 jonan
jonan's picture


Fri, 10/26/2012 - 15:18 | 2922403 TruthInSunshine
TruthInSunshine's picture

This is merely the beginning of the mass culling.

How many employees does the "financial industry" need when everything financial (for now) is being micro-managed down to the exceedingly tiny detail by Ben & Timmmmay.

Now that even Joe & Mary Public know this, in whatever vague, amorphous way, the fat lady is bellowing.

On a side note, the Presidents Working Team on Financial Matters (aka Kevin Henry, fielding calls from Bernank & Timmmay!!) is "giving everything she's got, Captain!," to keep NAS&PDAAPL greenish/not-too-reddish on this Friday.

Fri, 10/26/2012 - 15:27 | 2922442 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, this well correlates with the low Bloomberg terminals sales in an earlier ZH thread today.  It seems that the financial services industry no longer adds as much value as it used to...

Fri, 10/26/2012 - 15:41 | 2922476 Winston Churchill
Winston Churchill's picture

Don't tell Saint Bernake of Zimbabwe that.

He could lose his status as the patron Saint of zombie insolvent banks at this rate.

Fri, 10/26/2012 - 15:44 | 2922484 duo
duo's picture

it never did add value, except for property insurance

Sat, 10/27/2012 - 22:48 | 2924775 Tommy Gunner
Tommy Gunner's picture

Who needs terminals in a centrally planned global economy?   Fundamentals are nothing more than white noise... they key now is to listen to the central bankers latest edicts re: printing - nothing else matters.

Fri, 10/26/2012 - 16:27 | 2922496 Marco
Marco's picture

Joe & Mary public are irrelevant ... TPTB won't need the financial industry any more when the economy goes over the cliff, they will have gained all they can from it at that point and it will just be a question of retaining asset retention and rent seeking. First on the agenda, elimination of estate taxes.

Sat, 10/27/2012 - 00:27 | 2923430 Bananamerican
Bananamerican's picture

"I'm Mitt Romney and I approved this message"

Fri, 10/26/2012 - 17:52 | 2922782 Mentaliusanything
Mentaliusanything's picture

Fixed income desks .... Fixed income.... What Fucking income, it's all been ZIRPed by Ben.

What does the sound of 10,000 wallets closing sound like Ben...

It sounds to me like "Winning"

FUCK YOU Ben Bernanke.... Transitory indeed you pathetic little man with the brains of a smashed crab

Fri, 10/26/2012 - 15:15 | 2922405 kaiserhoff
kaiserhoff's picture

Fine start, so when do the governments join it?

Fri, 10/26/2012 - 15:16 | 2922407 jonan
jonan's picture

c'mon now, you can cut off an arm, but you can't cut off the heads, of a multiheaded hydra, fast enough, everyone knows that.

Fri, 10/26/2012 - 15:34 | 2922444 Jonas Parker
Jonas Parker's picture

Honestly, how many people does it take to make sure the server is plugged in?

It depends... are they Polish?


Sorry, I just couldn't resist...

Fri, 10/26/2012 - 16:10 | 2922568 frenchie
frenchie's picture

why Polish ?

Fri, 10/26/2012 - 15:09 | 2922392 LFMayor
LFMayor's picture

They're cutting off the cancerous limbs, trying to save the torso.

Fri, 10/26/2012 - 16:01 | 2922548 Zero Govt
Zero Govt's picture

They're cutting off the limbs, trying to save the cancerous torso.

there, fixed it

Fri, 10/26/2012 - 15:09 | 2922393 q99x2
q99x2's picture

Movin movin movin

Keep them doggies rolling

Hey maybe they can get a job in the Swiss Army.

Fri, 10/26/2012 - 15:11 | 2922395 Zadok
Zadok's picture

Off topic: thoughts on this event? Seems significant to me.

Fri, 10/26/2012 - 15:16 | 2922409 NotApplicable
NotApplicable's picture

Strange that it happened almost two weeks before before hitting the news.

Fri, 10/26/2012 - 15:20 | 2922417 Zadok
Zadok's picture

Really? That seems par for events of importance.

Fri, 10/26/2012 - 15:24 | 2922429 Dr. Richard Head
Dr. Richard Head's picture

Damn skippy.  A celebrity nipple slip is released immediately though, so we have that going for us.

Fri, 10/26/2012 - 15:26 | 2922434 catacl1sm
catacl1sm's picture

Begining of a trend, hopefully. Don't forget the bankers!

Fri, 10/26/2012 - 15:58 | 2922539 Marco
Marco's picture

It's curious ... but it's also the Telegraph. The guy was a manager for their Chemical division. Calling him an executive is stretching it a bit, calling him an oil chief is just an outright lie AFAICS

Fri, 10/26/2012 - 15:12 | 2922397 Gene Parmesan
Gene Parmesan's picture

Unemployed Bankers, Shortly

Fri, 10/26/2012 - 15:12 | 2922398 Thepnr
Fri, 10/26/2012 - 15:20 | 2922416 fuu
fuu's picture

Wow, yet another sleeper account activated this week. Did you enjoy your 51 weeks off?

Sat, 10/27/2012 - 11:37 | 2923798 L G Butz PhD
L G Butz PhD's picture

rut roh

[should comment more]

Fri, 10/26/2012 - 15:13 | 2922400 Vincent Vega
Vincent Vega's picture

If Bloomberg thought sales were sluggish before.....geeeez!

Fri, 10/26/2012 - 15:13 | 2922401 Bansters-in-my-...
Bansters-in-my- feces's picture


Finally some good news for a change.

Fri, 10/26/2012 - 15:14 | 2922402 h0oS
h0oS's picture

Good to see the seasonal sackings have started in this sector. Happy Haloween.

Fri, 10/26/2012 - 16:05 | 2922555 Zero Govt
Zero Govt's picture

Yep, the 'wonderful employment news' should garnish the Feds latest QE3 to 'stimulate employment' magnificiantly

bubble Bens midas touch strikes again

Fri, 10/26/2012 - 15:15 | 2922404 I Am Not a Copp...
I Am Not a Copper Top's picture

UP WE GO!! (Quick, act surprised)

Fri, 10/26/2012 - 15:16 | 2922408 dick cheneys ghost
dick cheneys ghost's picture

Fuck you Phill Gramm

Fri, 10/26/2012 - 15:19 | 2922414 Fantasy Planet
Fantasy Planet's picture

UBSoon be homeless.

Fri, 10/26/2012 - 15:23 | 2922427 spastic_colon
spastic_colon's picture

they would be worth much more as the old Paine Webber

Fri, 10/26/2012 - 15:22 | 2922415 seek
seek's picture

This is only the beginning. Given how the casino is rigged and the absence of retail, I would expect most of the banks to do the same.

I sell research in to quite a few IB's and I've planned my business around that particular income stream going away. It makes absolutely no sense to me that the banks would continue to put out retail research notes and have analysts when virtually all outcomes are fed-controlled. The only reason to keep going is to maintain a facade of legitimacy, and it's getting too expensive to do this, everyone sees through it, and it ultimately doesn't matter.

Fri, 10/26/2012 - 15:27 | 2922420 yogibear
yogibear's picture

Massive layoffs after Obama is re-elected. So many companies waiting until the election.

Big business in SNAP, Free cell phones and section 8. More reason for Obama to rob retirement savings.


The Plunge Protection Team is around to buy-up any downturn. No worry about the markets droppping,

Fri, 10/26/2012 - 15:38 | 2922470 edifice
edifice's picture

Keep Obama in President, you know...

Fri, 10/26/2012 - 15:21 | 2922423 BattlegroundEur...
BattlegroundEurope2011's picture

To those soon to be unemployed.

Tough luck guys & gals.



You get shafted from TPTB just as much as the rest of us plebs.  You learn't something today ;)

Fri, 10/26/2012 - 15:25 | 2922425 debtor of last ...
debtor of last resort's picture

63.500 bubble blowers in one company. And you were afraid to ask why the world is going under. A huge blowjob. Love you long time....


Not i guess.....

Fri, 10/26/2012 - 15:23 | 2922426 Kaiser Sousa
Kaiser Sousa's picture

And once again the Dow erases all losses and rallies straight up into the close in the last hour of trading....

Fri, 10/26/2012 - 15:41 | 2922475 The Gooch
The Gooch's picture

That's just Kale Swimmo.

The lone yute.


Fri, 10/26/2012 - 15:23 | 2922428 GMadScientist
GMadScientist's picture

You misspelled "Oops" you silly Swiss twits.

Fri, 10/26/2012 - 15:27 | 2922435 timbo_em
timbo_em's picture

OT: Bankia released its Q3 numbers (loss of €2.6B in Q3 and €7.1B for the first nine months, tier 1 capital down to 4.7 percent) and while I was not able to find the numbers on their website (maybe because they couldn't find an auditor and Oliver Wyman were too busy?) El País writes:

"Deposits alone fell 14.257 billion euros from the end of September to 98.793 billion as clients lost faith in the lender." This means more Spidy towels, right?

Fri, 10/26/2012 - 15:27 | 2922438 Dr. Engali
Dr. Engali's picture

Once everything is digitized,skynet is up and running, and asset prices are set daily by the politburo there won't be a need for bankers.

Fri, 10/26/2012 - 15:32 | 2922452 fonzannoon
fonzannoon's picture

I think it is up and running right now. Today was just another day of psyops on the people on this site. Everyone woke up this morning expecting a wreck and here we are again calmly closing up. I can see how people can easily lose it watching this go on day after day. Have a good weekend everyone I gotta get the fk off this thing.

Fri, 10/26/2012 - 15:38 | 2922457 Dr. Engali
Dr. Engali's picture

I hear you.. Gold up earlier and the market the market is up and gold is down. I think Amazon could declare bankruptcy and it would still trade up. I miss actual markets. Take care fonz.

Fri, 10/26/2012 - 15:35 | 2922464 walküre
walküre's picture

Will there be a need for anyone to show up for work?

Fri, 10/26/2012 - 15:27 | 2922441 catacl1sm
catacl1sm's picture


Fri, 10/26/2012 - 15:29 | 2922446 insanelysane
insanelysane's picture

It seems like just yesterday when the banksters were saying how they had to use bailout money to pay bonuses because you just couldn't find any banksters to hire.  

Fri, 10/26/2012 - 15:30 | 2922447 williambanzai7
williambanzai7's picture

Cry me a river ...

Fri, 10/26/2012 - 15:32 | 2922455 Dr. Engali
Dr. Engali's picture

Seems to me like I've read that some place before  ;->

Fri, 10/26/2012 - 15:53 | 2922508 williambanzai7
williambanzai7's picture

Yes, we seem to be witnessing a healthy bout of market driven capitalism. But then, who would bailout a shitty Swiss bank or Bloomberg for that matter? Answer: Tim and Ben

Fri, 10/26/2012 - 15:32 | 2922453 JailBank
JailBank's picture

What do you need people for if a computer can do all your trading?

Fri, 10/26/2012 - 15:34 | 2922460 Frank N. Beans
Frank N. Beans's picture

and a merry christmas to all of them

Fri, 10/26/2012 - 15:34 | 2922461 Neethgie
Neethgie's picture

Damn it feels good to be a... wait?

Fri, 10/26/2012 - 15:38 | 2922467 Whiner
Whiner's picture

-10K employees = increase of 2013 exec bonuses

Fri, 10/26/2012 - 15:38 | 2922472 WarPony
WarPony's picture

Basel is best served cold.

Fri, 10/26/2012 - 15:47 | 2922493 aerofan3
aerofan3's picture

Well done IRS! You clobbered a big bank investing in USA and there's another load of payroll tax gone!!

Fri, 10/26/2012 - 15:58 | 2922513 Zero Govt
Zero Govt's picture

if bubble Ben is looking for job growth why pick bwankers to back?

the Feds mandate to address unemployment yet he throws $Trillions at the one bubble sized bloated industry that's assured to be in for a serious pruning in the years ahead

Jeff Immelt, Bummas jobs czar, must see the futility of the Fed backing casino-junky job cutters, he'd know he's been shedding staff at GE afterall... has he not had input into Fed employment policy or at least gone round thumping on Bens office desk how futile nd mis-directed their policies are???

more holes in Fed employment policy than Mar Baker, you'd almost think they were kidding everyone

Fri, 10/26/2012 - 16:13 | 2922573 muppet_master
muppet_master's picture

memo to Sandy


this time make sure you FLOOD the heck out of Washington, and NYC !!! not unlike last time, jersey was flooded...= the poor folks got screwed by mother nature

although I must say i don't care for the creeps at jersey shore...don't watch that crap.

"our house!! in the middle of the street our house !!"--madness !!

Fri, 10/26/2012 - 16:23 | 2922584 pufferfish
pufferfish's picture

UBS: Us, or Them


I wonder how many of the scorned have 'backed up' their emails?

Fri, 10/26/2012 - 16:42 | 2922586 earleflorida
earleflorida's picture

'lehman'd'!     funny how the worm turns. fuld was not a player at the 'Master's? behest'... he paid dearly with his head!

barclays plc gets the n.a. trading house for cents on the dollar-- a better deal than that from nemesis and [hated] arch-rival dimon's original offer for bs's that had comatose'd the bod cent'd`brains! paulson pleads for some fairness and a reluctant jamie obliges, knowing that the honey-pot is still hanging on an even lower limb? yum, yum!

lehman's  banking [ole reliable half?] side goes to rothschild's holding llc., for stink-on-a-stick [might as well given it to them] while nomura laps up the hind-quarter leaked feces.

next shoe to drop is barclays 'bgi', that diamond with a englishman's sleight of hand... palms off to lawrence [the enforcer-arabia] finks--  blackrock, inc. growing portfolio extraordinaire... again at a bargain-basement sale price, cleansing the duopoly-book. fink now is procure and chief masturbatory  currently now doing all the bidding for greenspans' bernank, and timmah!

so there you have it-- blk,inc. is king of the world for trading etf's [fix'd passive] and iShares, growing exponentially, whilst  working hand-n-hand with the lloyd`sqid, at the helm-- ready at the 'call-to-arms'?

currently blk inc. has under management $3.5tn-- where... well, several years back it was just a child with normal growing pains now an obese teenager with a 'bad-drug-habit'!

so what does this all mean?

there's a big 'House' out there that's about to fall your way, and ubs wants the fiscal arborist to prune and trim so that  when the orchards 'big redwood falls', it's out from the shadow of doom. knowing quite, that the few player's left are getting their ducks in a row for the charcoal'd carrion-feast du`jour--  if not tomorrow, perhaps sooner than ye all think`eth!


Fri, 10/26/2012 - 16:19 | 2922590 MrBoompi
MrBoompi's picture

Looks like assisting foreigners with evading taxes supported a lot of jobs.

Fri, 10/26/2012 - 16:38 | 2922629 Tango in the Blight
Tango in the Blight's picture

Let me guess, they sold 10,000 superfluous Bloomberg terminals to Wall Street so that's why Bloomberg's sales are down.

Fri, 10/26/2012 - 17:33 | 2922724 Zola
Zola's picture

Couldn't happen to a nicer bunch of crooks !!!!

Fri, 10/26/2012 - 17:23 | 2922742 LooseLee
LooseLee's picture

Couldn't happen to a better bunch of guys (and gals)...

Fri, 10/26/2012 - 17:38 | 2922761 dolph9
dolph9's picture

Jump, you Fuckers

Fri, 10/26/2012 - 17:41 | 2922765 ConfederateH
ConfederateH's picture

UBS first bought Dillon Reid and the Paine Weber in the US so that their Swiss executives could get US style compensation.  Neither ever made any money for the bank, all profits got sucked away in lawyers fees, expensive settlements and political bribes.

What UBS should do is split off the US wealth and investment banks and focus on traditional bank secrecy, strong balance sheets and financial privacy.  Unfortunately UBS fouled this nest by getting the Swiss government to piss on banking secrecy to save their necks.  And they could never escape the Fed anyway, they are addicted to freshly minted dollars.

Fri, 10/26/2012 - 18:25 | 2922839 AndrewJackson
AndrewJackson's picture

Why are zerohedgers so thrilled about the ax getting swung. Most of those let go were not the parasites that we all hate at the top.

Fri, 10/26/2012 - 19:17 | 2922900 NuYawkFrankie
NuYawkFrankie's picture

UBS = U Bin Sacked

Fri, 10/26/2012 - 20:17 | 2923066 davepowers
davepowers's picture

Former (thankfully) Senator Phil Gramm, who spearheaded the repeal of Glass Steagall, landed at UBS upon leaving the Senate. Vice Something. For no doubt very large bucks.

Fri, 10/26/2012 - 21:58 | 2923277 ozziindaus
ozziindaus's picture

good fucking riddance to useless people of a useless industry. Get a real job like selling pizza or driving cabs so we can finally use your services and don't ever mention you were a banker ever again

Fri, 10/26/2012 - 22:59 | 2923343 Youri Carma
Sat, 10/27/2012 - 00:24 | 2923427 cynicalskeptic
cynicalskeptic's picture

UBS is HORRIDLY run - they were still writing credit default swaps on pure crap smortgage backed securities even after most forms wer running away, they grossly overpeid for Paine Webber - one of the worst brokerage firms on the street....

UBS proves that the Swiss aren't the financial geinuses people think they are.

Sat, 10/27/2012 - 06:21 | 2923584 Coldfire
Coldfire's picture

Christmas comes early.

Do NOT follow this link or you will be banned from the site!