 |


 |
|
 |
 |
 |
 |
|
 |
 |
Dear UBS, CitiGroup and Others:
-
You did not get into the mess that you are in through overstaffing.
-
If there are businesses that you want to move out of and you no longer need the staff, fine. Go ahead.
-
But as you are almost certainly doing this as an across-the board 'cost-cutting' measure in the hope that this will propitiate the Gods - or the markets, or dissident shareholders, or whatever - it's probably worth pointing out that systematic understaffing will not rebuild your profitability.
-
Quite the opposite, actually. There are up-front costs to mass redundancies and some very nasty operational risks.
-
But as you always do it when your profit takes a dip, and nothing will change your minds, consider this announcement purely a matter of record.
-
In other words, we will all read this again in a couple of months, and point at you, and laugh.
( A note on 'Operational Risk'... )
Consider it an insult or a compliment that you are giving your institution and our industry the leadership it deserves in these difficult times.
|
 |
 |
 |
 |
|
 |
 |

 |
|
 |
 |
 |
 |
|
 |
 |
Oh hooray, boojums is the mayor! Said Mr. hairyears with a certain air of forced jollity and a total lack of genuine enthusiasm. Am I the only person to have noticed his campaign commitment to eliminate the social housing quota? The media, of course, prefer the 'performing animals at the circus' approach - presumably it helps the advertisers - and rarely if ever report substantive policy issues. I think it's taking it too far, that the previous incumbent wanted to raise it to 50%, as that would render many housing projects uneconomical. But the only way to get any affordable housing built at all - or at least, any social housing built in significant numbers - was to impose an obligation on developers to include a percentage of small low-cost residential units. But property developers are an important constituency within the Conservative Party and, despite his chums at Eton being rich as Croesus, someone had to foot the bill for the 'Vote for Boris' campaign. Wait for a slew of planning applications being withdrawn in the next six weeks; and, if BJ is voted out in four years' time, watch a huge bulge of projects waved through before he goes, none of them with any flats for less than half a million. We're lookng at five to six years of no affordable housing being built at all.
|
 |
 |
 |
 |
|
 |
 |

|
 |
 |