UBS Lay off Job Cut: may fire 1900 employees

First it was the Wall Street which experienced the massive lay offs, and now there were rumors that due to the current financial turmoil, UBS AG, the European bank with the biggest losses from the credit crisis, plans to go for about 1900 job cuts. News

Which divisions of UBS will be affected due to the UBS Job Cut lay off
It is reported that investment banking, equities, and fixed income units will see the lay offs from UBS.

How many people will be fired in UBS Job Cut lay off
Around 1900 employees of UBS will loose their job - which would amount to about 10 percent of the total investment banking staff.

As per the news, UBS, Switzerland's biggest bank, is scaling back its investment banking unit, which it plans to separate from wealth and asset management after mounting writedowns prompted rich clients to withdraw funds for the first time in almost eight years. The cuts add to the 7,000 already announced by Zurich- based UBS, and would bring to more than 131,700 the total number of jobs eliminated at banks worldwide since July 2007.

UBS rose 4 percent to 19.19 Swiss francs. The bank has dropped 58 percent so far this year, paring its market value to about 56 billion francs ($50 billion).

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King County Lay off Job Cut: King County fires 255 employees

Another bad news for the employees. The County with the tagline Always at Your Service, is not really at the service for the employees. Seems like the financial troubles have taken a toll on the financially deceased King County and it has decided to go for a King County Lay off or King County Job Cut. Official site of King County. News.

As per the news reports, King County will dispatch layoff orders to around 255 employees. This job cut by King County is additional to the 150 job cuts already announced.

And the buck is not going to stop there. It is possible that more and more workers may lose their jobs next June if some of County Executive Ron Sims' other strategies for balancing the budget don't work. Sims, who announced the downsizing Monday in his annual budget address to the Metropolitan King County Council, said he didn't know exactly how many workers would receive pink slips today.

What is the financial condition of King County?

As per the news, Paring next year's general fund to $644 million, Sims said, meant cutting $93 million from what would have been needed to maintain current levels of government service.

As a result, fewer sheriff's deputies will be on the streets, courts will operate with smaller staffs, and Public Health — Seattle & King County will spend less on oral health, family planning and food safety.

The county budget office projects shortfalls of $40 million in 2010 and $62 million in 2011. Moments after his speech, Sims came under fire from the County Council's budget chairman and other elected officials who suggested his proposed budget doesn't balance spending and revenues. The council will adopt a 2009 budget next month.

Sims, calling the 2009 budget the most difficult he has ever prepared, said "critical county services are on life support" and may have to be curtailed in the middle of the year.

But his proposed budget would put off for at least six months what he called "unconscionable cuts to public health or immoral cuts to health services" — and elimination of the county's acclaimed drug and mental-health courts — through a combination of stopgap funding and a plea for outside help.





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