Ubs Buzzes with Merger Talk ; City Spy Cityspy@Standard.Co.Uk

Summary

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BAD gets worse at UBS. The red-faced Swiss bank has had to write off $37 billion ([pounds]19 billion) in subprime losses, and now an internal report admits bonus schemes were out of control, rewarding traders for huge bets irrespective of their outcome.

UBS insiders in London, who were still defiantly upbeat just a few months ago, are grim-faced, with management warning it will axe 900 jobs out of its 9000-strong workforce here by June.

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Ubs Buzzes with Merger Talk ; City Spy Cityspy@Standard.Co.Uk

While junior staff are ...

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