‘The wrong kind of beep’ — shock and distress as UBS bankers learn of fate
UBS swung the axe at its SSA business on Tuesday morning, doing so with little warning and in brutal fashion. At least four SSA bankers were made redundant from the Swiss firm’s debt capital markets desk with hundreds also expected to leave credit sales, trading, syndicate and research.
The cuts were made as part of a huge round of redundancies at the firm that are aimed at repositioning the investment bank in a climate where the capital costs of certain businesses are simply too great to justify (see main story on back page).
As part of the
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