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UBS may cut 8,000 jobs

UBS is expected to cut 8,000 jobs when it reveals its Q1 results on May 6.

The report comes from Swiss newpaper Sonntag, which says the first 3,000 cuts will affect the employees in the US and western Europe and that the remaining 5,000 will be cut in the autumn.

UBS refused to confirm the speculation but it did say there will be
capacity adjustments at its investment banking operations, and that the number of employees will fall over the coming year as the bank will not fill positions that free up.

The newspaper also states its UBS source says the bank is likely to write-down a further 10bn Swiss francs.


Mortgage approvals drop 18%

New mortgage approvals for house purchase dropped 18% in March compared with February, according to the British Bankers Association.

Former Home Loans chief launches credit management packager

Former High Street Home Loans chief executive Gary Forrest has launched a credit management packager.The packager will provide debt management solutions for clients struggling financially. Broker will key the clients details into Guardians web-based system and be presented with a list of possible solutions. If brokers choose to offer a remortgage or secured loan they […]

Packager insures proc fees

Just Mortgage Packaging has taken out an indemnity insurance policy to reassure brokers their proc fees are safe in its hands.The Horsham-based packager says it has taken out the policy, which is underwritten by Lloyds of London, to assure brokers their money is safe be-cause some packagers have recently gone into administration while owing brokers […]

Building society net lending plummets by over 60%

Gross lending by building societies fell £1.808bn to £3.631bn in March 2008 compared with £5.439bn in March 2007, according to new figures from the building societies association


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