Sunday, 22nd November 2009

 

6 November 2009 - Press Briefing

Analysts to press UBS over turnaround strategy for wealth unit

Analysts are set to press UBS to outline specifics over the bank’s strategy to turn around its beleaguered private banking arm during a November 17 investor day in Zurich, according to a report in The Wall Street Journal.

While Scorpio Partnership partner Catherine Dovey predicted continuing net new money outflows at the division at “least through 2010", Exane BNP Paribas analyst Elie Darwish expressed doubts over the unit’s ability to register a material increase in gross margin “on the short or medium term".

Tags: UBS

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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