Lunchtime Links: Even after bludgeoning its fixed income division, UBS may only remove 11% of its staff

Until UBS divulges its true intentions at its investor day on November 17th, speculation about the future of its investment bank is precisely that. UBS investment bankers may therefore want to ignore two reports about their future which are out today, one pleasant, one not.

On one hand, the Wall Street Journal says Sergio Ermotti is gearing up for big redundancies at the investment bank. The Journal says Ermotti has decided to, "significantly reduce its scope and size in order to bolster UBS's focus on its giant wealth management business." Most of these unquantified redundancies will apparently happen in the fixed income business.

On the other hand, analysts at JPMorgan Cazenove have produced a report on UBS agreeing with the notion that FICC will be reshaped (into a "FICC-lite" business), but suggesting that the overall bloodshed could be negligible. UBS investment banking staff will be reduced by 1,700 people, predict JPM Cazenove analysts, a reduction of just 11%. They provide a helpful chart (below), showing precisely where you don't want to be working at UBS right now (rates, structured credit and commodities for those who can't see this).

Source: JPMorgan

UBS might keep the currency and equity business, where it is relatively successful, and hold on to research, which is considered essential for the wealth management business. (NY Times)

Kweku Adoboli has had his case transferred to the criminal court, where it will be heard on November 22nd . (Bloomberg)

UBS is quite good in Asia, but people keep leaving it. (WSJ)

Maybe European banks will only need to raise €80bn. (Financial Times)

JPMorgan will meet its goal of hiring at least 300 bankers in its global corporate bank unit a year ahead of schedule. (BusinessWeek)

The Guardian has a horrible experience speaking to a financial services recruiter. (Guardian)

"There was a period where you could put on the Morgan Stanley or Goldman Sachs sweatshirt and wear it to the beach." (The Atlantic Wire)