Job losses: Heads you lose

Many heads have already rolled in investment banking. Could the blood-letting be ending? The outlook is mixed. Additional pruning is certain. But some banks may even have overdone the layoffs, and be ready to hire anew. Eye-popping rounds of chopping, like this week’s fresh 8,700 of headcount reductions announced by Switzerland’s UBS, are becoming less frequent. But there is a case for more cuts. For many banks, fees and revenue are still declining much faster than headcount. At UBS, the additi...