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UBS (UBS) on Tuesday said it plans to cut 10,000 jobs over the next 2 ½ years as it looks to streamline its investment bank, reduce risk-weighted assets and shift its focus to more profit-driving businesses. The move, which will reduce the company’s global headcount by 15% to 54,000, will help secure about 3.4 billion francs, or about $3.6 billion, in annual savings, amounting to total savings of 5.4 billion Swiss [...] Italy’s oldest bank Banca Monte dei Paschi di Siena (BMPS) has announced plans to cut some 4,600 jobs within the next three years. This comes after the bank sought the government funds to prevent its imminent failure. BMPS said on Wednesday that it is set to borrow around 1.5 billion euros (USD 1.87 billion) from the Italian government by the end of the year in a bid to pay off its debt [...] New Zealand consumer confidence slipped in February, as the economic outlook dimmed, with households feeling less optimistic about their financial well-being. The ANZ-Roy Morgan Consumer Confidence measure eased to 113.3 in February from 116.1 in January. The current conditions index posted a 4 point decline to 109.8, while the future conditions index eased 1.9 points to 115.7.. There are still earthquakes in/around and offshore Christchurch… AU is for 80+% depending Mainland China…Please check [...] Erik Wasson President Obama on Thursday will unveil a summer-jobs initiative that the White House says is already on track to create 180,000 “work opportunities” in the private sector in 2012. That is the number of opportunities, which includes mentoring and unpaid internships, that companies have told the administration they are willing to create. Some 70,000 jobs are paid, the White House says. The initiative was hatched after Congress failed [...] From CNBC: Deutsche Bank scrapped its profit target for this year, announced 500 job cuts and said that it would take further impairment charges on its holdings of Greek sovereign debt, sending its shares down on Tuesday. Photo: Paul Alvord Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank, will announce the news in a speech in London, the bank said [...] Bank of America might lay off up to 30,000 people in the coming years, according to a report in the Charlotte Observer. That means it could cut over 10% of its 288,000 employees worldwide, making BofA the bank with the most brutal layoff plans we’ve heard yet, second only to HSBC’s plans to layoff 30,000 of its 300,000 strong workforce. Sources familiar with the firm announced the mass layoffs [...] From WSJ: Bank of America Corp. is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, people familiar with the situation said. The 3,500 positions are spread across the nation’s largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already [...] The Federal Reserve should focus on keeping prices under control, leaving the government to try to boost the U.S. economy and jobs, Richmond Federal Reserve Bank President Jeffrey Lacker said in an interview Friday. Though frustrated by a recovery that continues to be slow and choppy two years after the recession ended, Lacker said further monetary stimulus by the Fed would likely show up “almost entirely” in inflation, which is already [...] |
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