But wait! Wall Street tells us that banksters will rush to those foreign banks to work if American banks have to be constrained with the TARP pay limits. Just because UBS lost almost $2 billion and are giving the boot to almost 9,000 more workers shouldn't mean that they are not going to snatch up all of the valuable banksters from US companies. Right?
Chief Executive Oswald Gruebel, the veteran former Credit Suisse boss who has been pulled out of retirement to get UBS back into shape, said the bank will post a first-quarter loss of nearly 2 billion Swiss francs ($1.74 billion), mainly due to writedowns and outflows at its prized wealth management unit.
UBS shares were indicated down 2 percent.
He was due to tell the bank's annual general meeting that he aimed to cut staff to 67,500 in 2010 from 76,200 at the end of March in a bid to save up to 4 billion francs.
