Joanna Wnuk
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"When they're cutting 10,000, sometimes it's about getting it over with"
UBS's dismissal of 10,000 employees earlier this week was notable for some of the less-than-cordial tactics used, such as suddenly cancelling people's security passes.
According to Business Insider, the bank used the approach of Hurricane Sandy to let go of employees in New York, informing them over the phone on Monday as the city was shut down in preparation for the storm.
As one source tells BI, "You'd like to sit down and talk, but when they're cutting 10,000, sometimes it's about getting it over with".
Netflix at 100 times profit?
Carl Icahn has a tough job ahead of him: convincing suitors that Netflix Inc. deserves one of the highest valuations in America.
RBS expects fine over Libor investigation
Royal Bank of Scotland said on Friday that it would probably face financial penalties connected to the broad rate-rigging inquiry, as the British bank reported a net loss in the third quarter of the year.
Why the S&P is thrashing hedge funds
Most managers see another crash coming, and are emphasizing less risk, not more.
Hedge funds have also reduced bullish oil bets to the lowest level in almost three months as futures declined and U.S. crude stockpiles increased.
Meanwhile, the Falklands' bid to enter the big league of oil producers in the South Atlantic is drawing hedge funds to what promises to be a multi-billion-dollar enterprise.
Maple Leaf to buy Puratone hog farm
Maple Leaf Foods is buying distressed hog producer Puratone Corporation to secure hog supplies as farmers struggle to manage heavy losses.
Hong Kong still top finance spot
Hong Kong was named the world's top financial centre for the second year running by the World Economic Forum, thanks to the strength of its business environment, infrastructure and a favourable tax regime.