UK
Lunchtime Links: UBS bonuses to be approved by regulators
7 November 2008
The outlook for bonuses at UBS has suddenly turned a lot bleaker. The Swiss bank was already threatening to claw back the bonuses it paid to its top executives in 2007, but Bloomberg reports that the country’s regulator now plans to cap UBS bonuses for 2008 at levels deemed “absolutely necessary”. The regulator’s intervention follows a $59bn aid package for UBS from the Swiss government and the central bank last month.
Not so long ago, the trampled masses would storm a palace or two. Now they bay for bonus clawbacks. (FT)
Who said Switzerland was a safe place to put your cash? (Felix Salmon)
Fidelity to start laying off staff this month. (Reuters)
Middle East investors want to put billions into Europe. (FT)
It helps to be on personal terms with a few sheikhs. (Guardian)
Sovereign wealth funds lost 25% on their portfolios this year. (Reuters)
Deutsche ejects three top equity derivatives staff following loss. (Financial News)
Lehman and Bear Stearns survivors will get the best bonuses. (CNBC)
Singapore bank cuts jobs for the first time since 2001. (Bloomberg)
Kiss my ring. (Bloomberg)
Barbie in recession. (CNN)
