Wall Street hit with massive job cuts, cost reduction, and conservation of capital
Alex Ranz
Oct. 1, 2008

The European bank with the biggest losses, UBS, from the credit crisis, plans to eliminate about 1,900 jobs in its investment banking, equities, and fixed income units. Most of job cuts will happen in NY.

Switzerland's biggest bank, is scaling back its investment banking unit, which it plans to separate from wealth and asset management after mounting write downs prompted rich clients to withdraw funds for the first time in almost eight years. The cuts add to the 7,000 already announced by Zurich- based UBS, and would bring to more than 131,700 the total number of jobs eliminated at banks worldwide since July 2007.

Just like UBS, the rest of Wall Street is eager to implode. Massive job cuts, cost reduction and more looms in the horizon.

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