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Newspaper wrap-up: Sallie Mae to cut 3% of employees

MAJOR PAPERS:
  • UBS AG (NYSE: UBS) is launching an initiative to reduce proprietary risk taking by its investment banking division, the Financial Times reported. In an internal memo, UBS CEO Marcel Rohner wrote that the bank would cut by 50% the number of its employees in its real estate and securitization division, and move its troubled mortgage investments into a separate unit.
OTHER PAPERS:

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Last updated: December 02, 2008: 04:55 PM

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