Here's a link to the article.

http://www.bloomberg.com/apps/news?p...IaA&refer=home

UBS, Switzerland's biggest bank, is scaling back its investment banking unit, which it plans to separate from wealth and asset management after mounting writedowns 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.

``It is unquestionably the worst hiring climate I've seen in 30 years in the City for the European markets,'' said Shaun Springer, chief executive officer of Napier Scott Executive Search Ltd. in London.


Were all doomed, i tell ye. Doooooomed!