The news of collapse of Lehman Brothers is old now and the most recent announcement which created big news in the financial sector is that UBS is planning to lay off around 3000 employees from their London office. The decision which is taken for the axing of the employees of UBS is only a small part of the retrenchment move initiated by the Swiss Bank to reduce their workforce globally by 10,000.
UBS is going for employee cut in the investment banking section because of the mammoth loss faced by this section and now is facing financial crisis due to being engulfed in the scandal.
The effects of this axing move of employees did not go well with them as it will be difficult to get a similar new job under the present bad economic scenario. Some employees are getting scared after reaching office when they are finding that office passes for them are no longer in active mode. Let us check out what next is coming up to add more darkness in the world of financial glittering.