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According to the newspaper, the graduates and Associate (MBA) hires have been told that they can keep their sign-on bonuses (said to be $10,000 for fresh graduates and $50,000 for MBAs) - provided they sign something that says that they will not sue because their jobs have been rescinded.
The Times also reports that Merrill Lynch CEO John Thain dialled into a conference call Thursday (after the announcement of that $1.97bn first-quarter loss and those additional 3,000 job cuts), and spoke to many of the firm's 16,600 financial advisers (brokers). Thain denied that he was thinking about spinning off Merrill's brokerage business and said that he thought that the additional layoffs announced last week were sufficient in the current environment.
The Wall Street Journal reports that Luqman Arnold, the main man over at Olivant Advisers calling for sweeping changes at UBS, has met with two of the bank's independent board members, Sergio Marchionne and Peter Voser. Arnold said that 'we had an open and constructive discussion, and they gave their commitment that they are taking all our views into consideration as they prepare for the annual general meeting'. Arnold remains wary, however, telling Swiss daily newspaper NZZ that 'I still cannot see any light at the end of the tunnel for UBS. The balance sheet still conceals substantial risks'. The bank is expected to soon announce another 2,200 job losses at its investment banking division.
Finally, UBS released the contents of the report it has compiled for the Swiss banking regulator explaining how their $37bn asset writedowns (to date) had occurred. The report blames trading positions held in 3 parts of the bank - in-house hedge fund Dillon Read Capital Management, and the CDO desk and asset-backed trading book over in the investment bank.
