The giant Swiss bank UBS has announced plans to fire 10,000 bankers all over the world — 15 percent of its workforce — as it scales back its trading business, which lost $50 billion in the financial crisis. A single suspected rogue trader blew $2.3 billion last year. The cuts will save the company $3.6 billion and mark one of the biggest eliminations of financial jobs since Lehman Brothers collapsed in 2008.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The 10 best networking tips for people who hate networking
- Why the West should let Russia have eastern Ukraine
- What would a U.S.-Russia war look like?
- Why you should stop believing in evolution
- 11 scientific studies that will restore your faith in humanity
- Your literary playlist: A guide to the music of Haruki Murakami
- 7 grammar rules you really should pay attention to
- Why the West should accept ISIS as a sovereign nation
- 9 Harvard dropouts who became fabulously successful
- Why baseball is America's most dangerous spectator sport
Subscribe to the Week