Cuts at UBS to take three years

Reads a headline in today's Financial Times. I rubbed my eyes over the time-span that the refocusing of UBS would take if management was really intending to keep to this horizon. In the world of markets and investment a year is already a very long time but planning over three years can only be called wishful thinking - apart from the tremendous uncertainty that it would create in the whole organisation. That three former Merrill Lynch staffers now seem to pull the strings in the key Global Markets division also raises a big question mark. We all know the fate of the once mighty Merrill Lynch after it went through numerous revamps over a period of several decades.