doesn't plan to abandon investment banking or replace the head of the securities unit,
reports, even as the bank eliminates more jobs.
The bank's decision to slash the bonus pool by 80% for 2008 fed speculation it might dismantle the investment bank or replace Jerker Johansson, its CEO,
reports, citing four bankers at the unit. The division's future is still under review and the situation could change.
UBS reports 2008 results on Tuesday, and a lack of clarity on 2009 compensation and the bank's commitment to investment banking may prompt departures among top bankers, according to
UBS is expected to report a record full-year loss of almost 18 billion Swiss francs ($15.4 billion), according to analysts' estimates,
says. Newspapers in Switzerland are pegging the loss at 20 billion to 21 billion Swiss francs ($17 billion to $18 billion), The bank, which received a $59.2 billion lifeline from the Swiss government in October, said in a memo to staff last month that it plans a fourth round of job reductions at the securities division to shrink the fixed-income unit,
This article was written by a staff member of TheStreet.com.