UBS (NYSE:UBS) will sharply cut its yearly information tech costs from 3.6 billion francs, or $3.8 billion, to 2.4 billion francs by 2015 in a plan that could impact thousands of jobs worldwide, according to TagesAnzeiger on Saturday. The firm currently employs 8,200 tech workers, of which 3,200 are in Switzerland.
ING Groep (NYSE:ING) is in talks with the government of The Netherlands and the European Commission about repaying the final €4.5 billion of state aid it received following the 2008 financial crisis. The firm obtained €10 billion in total, and is currently divesting assets around the globe to raise the cash needed to reimburse the bailout, and also to comply with EU conditions for accepting it.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
JPMorgan Chase & Co. (NYSE:JPM), which is currently the largest U.S. bank, intends to sell three-year debt in a benchmark bond offering as soon as Monday. The company may sell three-year, fixed-rate notes to yield around 80 basis points more than similar-maturity Treasuries and floating-rate securities to yield about 69 basis points in excess of the three-month Libor, says a person familiar with the offering, but who wishes not to be identified, as terms aren’t set. A benchmark offering is usually at a minimum of $500 million.
The selloff in mortgage real estate investment trusts continues Friday’s trend, with almost the entire sector losing ground again Monday. The top decliner today was CYS Investments (NYSE:CYS), after being downgraded to Hold at Wunderlich. The cause of the sector slide is being adduced to declining interest margins, along with mortgage refinance activity (prepays) increasing.