Belfast Telegraph

Sunday 26 October 2014

Another job round the corner for UBS staff?

As the Nasdaq and New York Stock Exchanges reopen after two unscheduled days of closure due to super-storm Sandy there will at least be some celebrations in the investment banking community.

It's reckoned that the failure of the opening bell to ring for the past two days will cost the US economy $50bn (£30bn) so you can bet there were plenty of traders glad to get back to the floor or back at their desks.

A number of bankers who turned up for work at Switzerland's own UBS in London yesterday weren't so lucky.

Some found out they were part of a 10,000-head global clearout by email or phone while others didn't know that they were being made redundant until they found their building passes didn't work as they arrived at the bank's headquarters.

Such harsh tactics are typical of the industry but would seem to be out of place with other parts of the city.

A new study by recruitment firm Astbury Marsden found there were 10% more jobs in London last month, a statistic which perhaps indicates that the economy is recovering - just not in a high risk manner.

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