Lunchtime Links: In which UBS unveils its plans for emerging markets

UBS is, of course, paring back its headcount. 5,000 jobs are set to go globally according to various reports published last month. Many banks, such as HSBC for example, are intending to hire in emerging markets whilst retrenching in Europe and the US.

Is UBS planning to do the same? It would appear not. Financial News has published a Q&A article with Yassine Bouhara, the bank's new CEO of emerging markets. In terms of people, UBS appear happy with what it already has:

"We already have good people and investment banking capabilities in emerging markets but just need to bring them together.

We have the largest presence on the ground in China but we are not as strong in all of the core emerging Asia markets, in particular India. In the Middle East we have a unique opportunity with our wealth management operations. The eastern European markets offer substantial opportunities, most specifically in Russia, which was more affected by the financial crisis and now offers very exciting value in assets. We will also be re-launching in Brazil with our acquisition of Link Investimentos and using Brazil as a springboard for the rest of Latin America."

This is despite the fact that a number of senior people have departed in Asia; a question skilfully side-stepped:

"The talent pool retention in Asia has been a challenge for the market overall. Our Asian franchise remains just as strong and represents one, if not the largest, emerging market opportunity in the world. Globally our equity management team has recruited nearly 400 people since the beginning of the year.

On Wall Street, prior bad conduct is not viewed as a problem, as the post-crisis careers of Lehman and Bear Stearns directors demonstrates (Dealbook)

"We've got a different story to other banks. We're growing, we're hiring and we're delivering profit growth." (Times)

Morgan Stanley has lost another top analyst (Financial News)

RBS has cut 170 jobs in Milton Keynes (Milton Keynes Today)

USS pension scheme faces bonus revolt (Telegraph)

Morgan Stanley is selling its mortgage servicing arm (NY Post)

We are on the cusp of #gfc2 (Guardian)

Hedge fund recruits GSAM portfolio manager (FINalternatives)

Citadel's Stine re-emerges at Credit Suisse (FINalternatives)