Credit Suisse-UBS: A Lehman Lesson for Bankers Being Laid Off – Bloomberg

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It might not feel like it right now, but opportunities await after the stress of a financial collapse. 
Life on the other side.
Two months after the completion of their shotgun marriage, it is clear that UBS Group AG has little appetite for Credit Suisse Group AG’s investment banking business. In the first round of layoffs, UBS plans to cut about two-thirds of the latter’s dealmakers in Asia. More than half of its smaller rival’s 45,000-strong workforce worldwide is expected to get pink slips.
This must be a very stressful time for junior bankers, who have not fully built up their professional network or enough financial buffer. They are forced to re-enter a tough job market where rival banks and even the less glamorous parts of finance are downsizing. Goldman Sachs Group Inc. has gone through three rounds of layoffs this year, while accounting firm Accenture Plc plans to slash 19,000 employees.

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