UBS axes Wuffli in surprise shake-up -- FT's Take

Per FT, it was not the hedge fund collapses. but then, further down in the article, "One person close to the situation said that when traders were moved from UBS’s fixed income desk to its new hedge fund business, “we lost all the intellectual capital and the two [businesses] never connected and that caused us to have huge losses. 'We lost all our trading house and as a result the revenue gap between us and Goldman is now $6bn.'

Right.


FT.com / Companies / Financial services - UBS axes Wuffli in surprise shake-up