UBS new chief to face many challenges

Source: Bloomberg
© Scanpix/AFP

Sergio Ermotti, the new CEO of UBS AG, has to persuade investors that company's fifth restructuring in last six years will be successful. Tomorrow in New York meeting Ermotti will outline UBS AG's new strategy to investors. Analysts expect Ermotti to propose further asset cuts, reductions in jobs, particularly in fixed-income field as new capital requirements are hurting profitability.

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Wed, 16 Nov 2011 14:42:31 GMT

Citigroup may slash 3000 jobs

US bank Citigroup Inc. is expected to reduce around 3000 jobs as CEO Vikram Pandit attempts to cut costs. Among the jobs squeezed, 900 might be from investment and trading operations. The decrease equal to approximately 1% of total Citigroup's staff is not certain and may change. Citigroup Inc. is the third biggest US bank in terms of assets and employees about 267 000

Wed, 16 Nov 2011 14:42:37 GMT

JPMorgan and Goldman Sachs do not want to disclose how much of risky debt they have

Goldman Sachs Group Inc. and JPMorgan Chase & Co, two of world's leaders in credit derivative trading, said they own bonds worth $5 trillion worldwide. Nevertheless banks refused to disclose what proportion of particular debt is issued by Spain, Italy, Greece, Portugal and Ireland. Therefore, investors do not know to what extent US banks are exposed to default of these countries.  

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