The old joke that UBSstands for “U’ve Been Sacked” was doing the rounds on trading floors yesterday as the Swiss bank confirmed plans to cut 10,000 jobs as part of a radical restructuring to slim down its investment banking division.
UBS was one of the most popular trends on Twitter as the blogosphere flooded with comments in several languages, describing the shock and resentment of staff. Many claimed they only found out they had been fired because their passes had been deactivated. “Whole desks are gone and there are people stood outside without access to the building,” one tweeter wrote, describing the scene at the bank’s London office.
Another said UBS bankers’ passes in London did not work on arrival: “They are sent into a special room and told they are on special leave.”