₦airaland Forum

UBS to cut up to 10,000 jobs: source




NEW YORK (Reuters) - Swiss bank UBS AG (UBSN.VX) is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a source familiar with the matter said, in what would be one of the largest layoffs by a bank since the financial crisis.

Switzerland's biggest bank is expected to make the cuts across the firm globally, but the bulk of the losses are likely to occur in its hard-hit trading and investment banking areas.

The cuts will accompany a restructuring that will lop off much of UBS' massive fixed-income operations into a separate unit to be wound down over time, according to the Financial Times, which first reported the news.

That unit is expected to be led by Carsten Kengeter, a co-head of the investment bank, the paper said.

Andrea Orcel, who joined from Bank of America (BAC.N) this year to work alongside Kengeter in restructuring the trading activities, will run the equities, fixed income, foreign exchange and advisory businesses that will remain active, the paper said.

UBS pledged last year to cut more than 5 percent of its workforce, or about 3,500 jobs. The new cuts are expected to supplement that target, the paper said.

UBS, which has more than 60,000 employees, is likely to provide details of the cutbacks when it reports its third-quarter results on October 30, the source said.

The moves are being engineered by Sergio Ermotti, the 52-year-old chief executive who took the top job just 13 months ago. The bank has been withdrawing from the riskier and more capital-intensive parts of its business to meet tighter capital rules and a dearth of deals affecting the securities industry globally. It has said it will dedicate most of its resources to its wealth management, private banking and asset management businesses.

The expected cuts will add to the tens of thousands of jobs the financial sector has shed globally since the crisis of 2008. In the United States alone, financial companies have announced plans to eliminate 28,000 jobs through the first nine months of this year, according to outplacement firm Challenger, Gray & Christmas. That compared with 54,000 job losses through the first nine months of 2011.

"I think we are still in the early innings of this," said Nancy Bush, a veteran bank analyst and contributing editor at SNL Financial. "The whole structure of the financial services industry has got to change. We are in the meat cleaver stage right now."

BANKS RETRENCH

UBS is following on the heels of other financial companies worldwide that have been retrenching, as they struggle to reduce expenses amid a weak economy, new regulations and reduced trading activity.

Credit Suisse Group AG (CSGN.VX), UBS' largest Swiss rival, said this week that "repeated shocks" in the global economy has led it to increase its cost-cutting efforts by 1 billion Swiss francs ($1.1 billion) en route to reaching 4 billion francs of expense savings by 2015.

Credit Suisse, which has cut about 7 percent of its workforce since 2011, said more employees will lose their jobs as a result of the new target.

UBS has had more than its share of crises in the past few years, suffering billions of dollars in trading losses, management mishaps and scandals since the financial crisis.

Ermotti replaced Oswald Gruebel, a former Credit Suisse executive who was tasked with strengthening the bank's risk controls following a $50 billion loss at the start of the crisis and allegations of creating tax-avoidance schemes.

Those plans were shattered in September 2011, when a UBS trader was arrested and later charged by London police for allegedly hiding up to $2.3 billion of losses.

On Friday, the London-based trader, Kweku Adoboli, tearfully said in court that his trading was intended to benefit the bank.

(Reporting by Jed Horowitz, Rick Rothacker, Lauren Tara LaCapra and Paritosh Bansal; Editing by Dan Grebler)

After A Long Break, Am Dropping Mine Today.. Just 4 Digits.. Stay Glue.

I can't sleep when am online and when my sister is still awake..

Which kind apology.. No be kennis music produce edris when yarb BABA (Obj)?
No more apology.. Give and take..

Thank God Am Back To the Lotto Factory..

Seye25: I am also aware of ICSL@Obanikoro, Donquester@ikeja

Hey seyi,
Plzzzz I need their description or address to this place..

See them all.. Yeye pple.. They dey form n pose as if da comment na true..
Plz don't fall for these set of pple pretending to be..
Na God go expose na all..
Yeye pple..

Lol

In Two New York Luxury Hotels During UN Assembly
Story by Saharareporters



Investigations by SaharaReporters revealed that Nigeria’s Petroleum Minister, Diezani Alison-Madueke, booked and paid for two rooms in two separate high-cost hotels during the four nights she spent in New York City during the just concluded United Nations General Assembly.

Impeccable sources within the Presidency and the delegation of the Nigerian National Petroleum Corporation (NNPC) disclosed that the minister’s two rooms were booked under a pseudonym.

Saharareporters discovered that Joe Mordi, one of the minister’s closest aides who works at the NNPC office in London, booked her into a one-bedroom suite at Four Seasons Hotel located at 57 East 57th Street, New York.

When SaharaReporters inquired at the hotel, a staff said that the suite cost $5,000 per night. Ms. Alison-Madueke, who is known around Presidency circles as “Prime Minister,” was also booked into another room at the Pierre Hotel on 2 East 61st Street in New York where President Goodluck Jonathan lodged during his stay in New York. SaharaReporters found out that her room on the 28th floor of the Pierre Hotel cost Nigerian tax payers $3,000 per night. There were also additional charges in taxes and service fees.

Ms. Alison-Madueke arrived in New York in style on a private jet on Monday from London where she had made a brief stop to continue treatment for an undisclosed ailment. She is billed to return to London today. President Jonathan left New York last night around 6:00 p.m. and has arrived in Nigeria very early today.

SaharaReporters also learnt that, apart from the lavish double accommodation enjoyed by the Petroleum minister in two of New York City’s most expensive hotels, her delegation of seven NNPC officials also engaged in other acts of reckless spending. “The NNPC hired ten limousines to ferry its 7 officials, including the General Managing Director,” said our source. Five of the limousines, rented for $1,800 each per day, were stationed permanently in front of the Pierre Hotel while another five were put to the service of the NNPC officials at the Four Seasons.

The Nigerian delegation’s profligacy during the New York trip earned the attraction of America’s mainstream media. New York-based National Broadcasting Corporation ((NBC), one of the top three television networks in the US, yesterday reported that African delegates from the poorest countries stayed in some of the most expensive hotels and shopped in high-priced retail stores during the UN General Assembly. The network focused on delegates from such countries as Togo, Swaziland, and Nigeria. SaharaReporters had earlier reported that President Jonathan was quartered at the Pierre Hotel in a suite that cost $10,000 per night.

International measurements of social indices routinely rank Nigeria as one of the world’s least developed countries. Some 70% of Nigerians live on less than 2 dollars per day. “It is sad that the mindless waste of public resources in New York by President Jonathan and other Nigerian officials was happening at a time when two million Nigerians have been displaced from their homes by ravaging floods,” said an Abuja-based civil society activist

[quote author=tosmy ][/quote]Amen o!

Thanks for making the 52nd Anniversary worth celebrating.. At least with this brief historical knowledge..

king boy: 77 32 63 guys try this game out

Hmmm?

young money33 :
you called me and i give you my game , you post it here like is yours next time you will call again , if you want to post number forecast urs king boy don't put mine

Hmmm?

I Wish Our Great Country A Better Years Ahead..

What About You?
Drop Your Wishes Here..

Ask Mr President And His Cabal..

I love this thread...
Now, My question is, Can a 60-65yrs old man apply as well?

annabee: They sent me an sms yesterday afternoon saying that I have been shortlisted and that I should go to CSC for my exam number and that accreditation starts 20th/21st while exam is 22nd september in my zone.
I quickly sent my sis to check my name at my state CSC, which she did and sent me my exam number.
Will be travelling tomorrow for the accreditation.

@ anna, plz can ur sister check for me?

jhydebaba: GHANA : LUCKY G
DATE: 18-09-2012
WINNING
84::-46::-26::-27::-17
MACHINE:
9-::76-::90::-3::-8

My game was change on the other way round..

Lucky G
sure Game: 6*72*7*40
Perm: 31*7*40*19*72*62
Plzzzz try dz stuff.. Coz it cud be ur lucy day..

Any Info on how the verification and test would look like?
Plzz, someone should brief this forum on what to expect and how to prepare towards the test..
Any Answer plzzzz

Hey Guys,
Plz someone should kindly drop the result for clubmaster..
Good luck!!

lawxydarl: SUPER 687
WINNING 34-1-63-11-10
MACHINE 47-25-79-58-20

Thanks Man!!

Accreditation will be
on the 20th and 21st as stipulated by a member of this forum. I also think u should check ur name at ur state
civil service commission for further information and clarification...

I wish u all the best.

After Zuckerberg talks, Facebook gains $6.8 billion

.
SAN FRANCISCO (Reuters) - Facebook Inc CEO Mark Zuckerberg might need to talk more often. A 30-minute appearance at a technology industry conference earlier this week has translated into $6.785 billion in additional market valuation for his company.

Facebook shares finished Friday's regular trading session up 6.2 percent at $22 as Wall Street's confidence in the company continued to improve in the wake of the 28-year-old CEO's first public appearance since a rocky initial public offering in May.

The social networking company's progress introducing a new advertising service that gives marketers improved ways to reach consumers on Facebook also helped bolster its shares, analysts said.

"People are starting to feel a little more comfortable," said Arvind Bhatia, an analyst with Sterne, Agree & Leach.

Zuckerberg's comments, in which he highlighted mobile business progress, suggested Facebook could enter the search market and expressed confidence in future money-making prospects, have improved the perception of the stock, said Bhatia.

Zuckerberg has a reputation for spending his time building the company from the inside rather than going around promoting it to investors.

On Thursday, Facebook said its nascent ad exchange was no longer in testing mode, and several advertising agencies reported encouraging early results using the service.

The Facebook Ad Exchange allows marketers to target consumers with pitches based on their past Web browsing activity, such as the websites they've visited -- a standard online advertising technique that until now has not been available on Facebook.

The ad exchange hints at improved monetization potential for Facebook, said Lazard Capital Markets analyst William Bird.

The world's No.1 online social network with 955 million users, Facebook has faced a rough debut since its May initial public offering. Investors and analysts have fretted about a sharp slowdown in its revenue growth. Shares of Facebook remain well below their $38 offering price.

The ongoing expiration of "lock-up" restrictions on Facebook insiders selling shares have added further pressure on the stock.

"I don't think they're completely out of the woods, but it does feel like the sentiment is improving," said Sterne, Agee & Leach's Bhatia.

The shares are up roughly 13 percent since Zuckerberg spoke at the TechCrunch Disrupt conference in San Francisco on Tuesday.

Wow!
Here is my email as wel
Nakedking57@yahoo.com

Today Saturday Morning Game.. 15-9-2012
37*67*20
All d best..

Federal Civil Service Commission List Is Out!
by demmykay: 4:30pm
For those dat filled d form for d fcsc, the list has
been pasted in abuja. For those in abuja go to the
federal civil service club in mabuchi.I was der since
11am nd wen I got der they just started pastin d list
state by state. I just left der now. Unfortunately my
state kogi ws nt pasted. D guys doin d job
complained of bein tired dat dey will continue on
monday. The list comprises of dos dat applied for
education, foreign affairs nd labour nd
productivity.pls pass d information to others. Will be
der on monday by Gods grace. D exam is schedule
to tak place on saturday 22 sep
(Quote) (Report) (Like)

demmykay: For those dat filled d form for d fcsc, the list has been pasted in abuja. For those in abuja go to the federal civil service club in mabuchi.I was der since 11am nd wen I got der they just started pastin d list state by state. I just left der now. Unfortunately my state kogi ws nt pasted. D guys doin d job complained of bein tired dat dey will continue on monday. The list comprises of dos dat applied for education, foreign affairs nd labour nd productivity.pls pass d information to others. Will be der on monday by Gods grace. D exam is schedule to tak place on saturday 22 sep

Thanks Man,
So, what is the exam gonna look like.. What is preparation towards it.. What re reading? GMAT, Current Affairs, Logic..

kingphemy: Im new here..! How do perming works? Will i be paid if two numbers out of five are correct?

Hmmm?
You are welcome dude into the premier investment..