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Pictures | Tue Oct 30, 2012 | 3:30pm EDT

UBS to cut 10,000 jobs in fixed income retreat

A man walks past a logo of Swiss bank UBS in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann

A man walks past a logo of Swiss bank UBS in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of...more

A man walks past a logo of Swiss bank UBS in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann
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A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann

A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the...more

A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann
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The logo of Swiss bank UBS is seen at the company's office on Bahnhofstrasse in Zurich, in this file picture taken August 10, 2012. UBS is expected to reveal plans on October 30, 2012 to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann/Files

The logo of Swiss bank UBS is seen at the company's office on Bahnhofstrasse in Zurich, in this file picture taken August 10, 2012. UBS is expected to reveal plans on October 30, 2012 to wind down its fixed income business and fire 10,000 bankers,...more

The logo of Swiss bank UBS is seen at the company's office on Bahnhofstrasse in Zurich, in this file picture taken August 10, 2012. UBS is expected to reveal plans on October 30, 2012 to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann/Files
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Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more...more

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann
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Sergio Ermotti, CEO of Swiss bank UBS, gives a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann

Sergio Ermotti, CEO of Swiss bank UBS, gives a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult...more

Sergio Ermotti, CEO of Swiss bank UBS, gives a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann
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Sergio Ermotti, CEO of Swiss bank UBS, addresses a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann

Sergio Ermotti, CEO of Swiss bank UBS, addresses a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more...more

Sergio Ermotti, CEO of Swiss bank UBS, addresses a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann
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Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more...more

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann
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Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more...more

Sergio Ermotti, CEO of Swiss bank UBS, gestures during a news conference in Zurich October 30, 2012. UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis. REUTERS/Arnd Wiegmann
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A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann

A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the...more

A display at a branch office of Swiss bank UBS shows the UBS shares topping a list of stock prices in Zurich October 30, 2012. Switzerland's biggest bank UBS unveiled plans to wind down its fixed income business and fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008. REUTERS/Arnd Wiegmann
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