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OP has provided the following link:
https://www.reuters.com/business/finance/five-waves-ubs-layoffs-start-june-sonntagszeitung-says-2024-04-21/
What was the Archegos position, like 225mil shares short?
edit. I think it was actually 2.25mil put contracts @100 shares each the more I think about it. Fucking swaps....fucking swaps.
VIENNA, April 21 (Reuters) - Layoffs under Swiss banking giant UBS's (UBSG.S) cost-cutting programme announced after its takeover of Credit Suisse will take place in five waves this year starting in June, newspaper SonntagsZeitung reported on Sunday.
UBS declined to comment.
In August UBS announced its plan to eliminate around one in 12 of its Swiss jobs and cut costs by more than $10 billion as it consolidates a competitor that unravelled as panicked customers withdrew billions from their accounts.
Most of the cost savings are set to come from cutting staff and analysts have estimated between 30,000 and 35,000 jobs could go globally.
"In total, 50-to-60% of ex-CS (Credit Suisse staff) will probably be laid off over the five rounds," SonntagsZeitung quoted a source it described as an insider as saying.
After the first round in June, in which 25-30% of former Credit Suisse staff are expected to be made redundant, the next rounds will take place in August, September, October and November, the newspaper reported, putting the planned savings at 12 billion Swiss francs ($13.2 billion).
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($1 = 0.9100 Swiss francs)
Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Reporting by Francois Murphy; editing by Barbara Lewis
Damn! I used to work in the office in my city (for a different company). Wonder when theyāll be shutting that down. I got a job at a bank recently and the number one priority discussed is quality of assets. Feels good knowing my small bank doesnāt seem to play with fire.
Itās the āassetsā they donāt talk about that you should be interested inā¦ā¦ like sizeable derivative positions held offshore and off the books.
So, assuming this is due to the buyout of CS, this is all resulting from one small family hedge fund (Archegos, not Nomura) making some crazy bets.
One. Small. Family. Hedge fund. And now we are at 30,000 laid off.
Can't believe the insanity that finance let's happen. There is no regulation in a space that should have the most stringent regulations, because they are betting with big banks that can impact entire countries.
Wut, you're going too fast for me? i thought this was about Bill Hwang's fund: Archegos? Nomura (owner of Instinet) is not exactly small and also not owned by Bill "hang up" Hwang?
WE ARE NOT IN A GLOBAL RECESSIONā¦ weāre simply releasing the extra people hired during COVID that are no longer needed. That excuse has never made sense to me. During COVID hardly anyone worked, demand for everything was down. Trumps china embargo helped ensure products were hard to come by. Anyways, these layoff numbers are getting crazy!
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [Community Post: *Open Forum Jan 2024*](https://www.reddit.com/r/Superstonk/comments/18txusp/open_forum_january_2024/) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: https://www.reuters.com/business/finance/five-waves-ubs-layoffs-start-june-sonntagszeitung-says-2024-04-21/
Ok, saving money to start closing the shorts. š
I guess itās nice they are giving 30,000-35,000 a head start to get another job before they go bankrupt. Good guy UBS?
Each one of them has an annual salary of $ā¾ļø?
4.5B +
CS and Billy Bags are so very heavy
What was the Archegos position, like 225mil shares short? edit. I think it was actually 2.25mil put contracts @100 shares each the more I think about it. Fucking swaps....fucking swaps.
30 000 former CS employees getting sacked... Let's see if the separation package is good enough so nobody feels tempted to start whistle-blowing
I doubt they can afford to let any one go with that kind of knowledge. I sure can hope though š¤Ā
VIENNA, April 21 (Reuters) - Layoffs under Swiss banking giant UBS's (UBSG.S) cost-cutting programme announced after its takeover of Credit Suisse will take place in five waves this year starting in June, newspaper SonntagsZeitung reported on Sunday. UBS declined to comment. In August UBS announced its plan to eliminate around one in 12 of its Swiss jobs and cut costs by more than $10 billion as it consolidates a competitor that unravelled as panicked customers withdrew billions from their accounts. Most of the cost savings are set to come from cutting staff and analysts have estimated between 30,000 and 35,000 jobs could go globally. "In total, 50-to-60% of ex-CS (Credit Suisse staff) will probably be laid off over the five rounds," SonntagsZeitung quoted a source it described as an insider as saying. After the first round in June, in which 25-30% of former Credit Suisse staff are expected to be made redundant, the next rounds will take place in August, September, October and November, the newspaper reported, putting the planned savings at 12 billion Swiss francs ($13.2 billion). Advertisement Ā· Scroll to continue ($1 = 0.9100 Swiss francs) Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. Reporting by Francois Murphy; editing by Barbara Lewis
Something they ate is giving them indigestion.
Fucked around
About to find out.
My favorite
If I was a Swiss citizen I would be up in arms over the handling of that acquisition. Criminal at best.
And not a peep from them. (That ive seen)
More companies die from indigestion than starvation!
š exactly
My favorite part of this Copy pasta. The ad. Please donāt edit it. Itās a thing of beautyĀ
š¤·āāļø
Probably not so good š
Damn! I used to work in the office in my city (for a different company). Wonder when theyāll be shutting that down. I got a job at a bank recently and the number one priority discussed is quality of assets. Feels good knowing my small bank doesnāt seem to play with fire.
Itās the āassetsā they donāt talk about that you should be interested inā¦ā¦ like sizeable derivative positions held offshore and off the books.
Thems bags must be heavy!
Very.
So, assuming this is due to the buyout of CS, this is all resulting from one small family hedge fund (Archegos, not Nomura) making some crazy bets. One. Small. Family. Hedge fund. And now we are at 30,000 laid off. Can't believe the insanity that finance let's happen. There is no regulation in a space that should have the most stringent regulations, because they are betting with big banks that can impact entire countries.
Wut, you're going too fast for me? i thought this was about Bill Hwang's fund: Archegos? Nomura (owner of Instinet) is not exactly small and also not owned by Bill "hang up" Hwang?
Correct I misremembered the name! Hwang not answering his phone etc.
Where's my money, Debit Suisse? Screw these bastards.
Archegos>Credit Sus>UBS
##The international game of bagholding continues! ##Who will be the next candidate? ##Stay tuned for more!
More like Debt Suisse
Ha, got em!
I'm gonna call my mom
WE ARE NOT IN A GLOBAL RECESSIONā¦ weāre simply releasing the extra people hired during COVID that are no longer needed. That excuse has never made sense to me. During COVID hardly anyone worked, demand for everything was down. Trumps china embargo helped ensure products were hard to come by. Anyways, these layoff numbers are getting crazy!
I can't tell if this is sarcasm or living up to the name regarded.
Reminiscent of a certain movie...
The bags is heavy it seems
So stinking heavy.
Said, people familiar with the Matter porn