UBS cuts 10,000 but mostly outside Asia

The Swiss bank insists that others will follow it in exiting costly trading operations AFP

One way to officially announce news that you are planning to cut 10,000 jobs is to bury the line in the second page of a press release entitled “UBS announces strategic acceleration from a position of strength”.

Of course, the market already knew the news so yesterday when UBS said that it would concentrate on its traditional strengths in advisory, research, equities, FX and precious metals, and exit business lines, predominantly those in fixed income that have been “rendered uneconomical by changes in regulation and market...