While the number of planned job cuts at UBS AG are intimidating, some areas of the investment bank  appear to be safe - for now.  Yes, heads will roll - as many as 5% of the UBS work force, in order to offset  weak earnings, tough regulation and a strong Swiss franc. And, while it's understood that a majority of cuts will be at the investment bank, there are groups who can probably breath a little easier.

Take, for example, the company's flagship trading floor in Stamford, CT.  That group won't be affected after the bank agreed to a $20mn deal with Governor Daniel Malloy.  By accepting a 5-year forgivable loan that's earmarked for infrastructure, UBS essentially guarantees it will keep 2,000 jobs in the state.  That might mean the remaining 1,5oo employees are at risk - but who know?  Others who needn't worry include the bank's U.S. financial advisers.  However, the bank does plan on cutting 350 jobs in its Wealth Management Americas division - largely coming out of support staff, like IT people.   [WS Journal, 8/24/11]