Believe Ozzy

Goldman Sachs delivers a knock-out first quarter and flags big bonuses for staff. Days later, UBS announces 8,700 job cuts and a SFr2bn quarterly loss. Neither bank is truly representative of the banking sector, but UBS is probably the better leading indicator. The latest losses from the Swiss investment bank and wealth manager come after selling $39.1bn of illiquid assets to Switzerland’s central bank. That disposal left UBS with $22bn of dodgy monoline, leveraged finance and auction-rate secur...