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UBS Investment Bankers Reportedly Laid Off
UBS laid off "a bunch of people in its investment banking division" on Tuesday, according to Clusterstock. When the firm announced recently that 3,500 people would be laid off in order to cut costs, it was understood the layoffs would be brutal - particularly in the investment banking unit.
Well, it looks like those layoffs have started this week. According to a source inside the firm, Carsten Kengeter, the head of investment banking at UBS, sent out a memo on Tuesday morning saying that this week would be tough and that everyone should stay focused. The layoff package appears to be 3 weeks salary times the number of years worked at UBS . [Clusterstock, 8/30/11]
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