UBS Job Loss Details Revealed
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According to the newspaper, some 4,000 wealth management jobs are likely to go, many of them in the US and Switzerland. The investment bank, which has already seen headcount fall by around a third since its 2007 peak, is likely to suffer some 2,500 additional job losses, while 500 staff in asset management and another 500 in the bank's corporate centre in Zurich also face the axe.
In the meantime, The Times reports that US regulator the Securities and Exchange Commission (SEC) has charged Jon-Paul Rorech, a Deutsche Bank bond salesman, and former Millennium Management trader Renato Negrin for allegedly engaging in insider-trading in connection with credit default swaps.
The SEC alleges that Rorech passed information to Negrin about a bond offering for media company VNU in 2006. Believing that the offering would raise the price of VNU's credit default swaps, Negrin is said to have started buying, and eventually reaped a $1.2m profit. SEC deputy enforcement director Scott Friestad said in a statement that: 'Rorech and Negrin checked their integrity at the door, and schemed to engage in insider trading of CDS to the detriment of investors and our markets'. Both bankers deny the accusations.
And The Wall Street Journal reports that three current and two former Morgan Stanley executives will stand trial for allegedly contributing to the 2003 bankruptcy of Italian dairy company Parmalat.
Finally, The Financial Times reports that senior executives of $63bn US money market fund Primary Reserve, which infamously 'broke the buck' following losses sustained after the fall of Lehman Brothers last year, are being charged by the SEC for failing to provide key information to investors and trustees in the days immediately after Lehman's demise. The executives, who include firm founder Bruce Bent Sr., will vigorously contest the charges.
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