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Swiss bank implements major austerity measures

Walking through the City yesterday, I stumbled across a real jamboree of people just by Liverpool Street.


Really weird.  Lots of stalls selling food and loads of people queuing for what seemed like hours to get some of it.


What's going on?  This is not normal.

Ahhhh … it's just UBS deciding that their canteen cost too much, so their staff have been lucky enough to find some entrepeneurial enterprises to pitch up some tents outside and sell them lunch.


Must admit, I do like the thinking of these Swiss banks, although their staff may not take so kindly to queuing up outside when the autumn showers and winter snows hit.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Escotregen

    Other musings from another City stroll: I returned from holiday via London and, courtesy of an old university pal, found myself in the unaccustomed settings of a City of London lunchtime watering hole. This allowed me an insight to the City chatting and networking. I was struck by their prior knowledge, going back several months, of what was described as the ‘dodgy doings’ on the financial front at Connaught plc (the UK property maintenance contractor that has in the past couple of weeks almost gone bust).
    One might discount this as saloon bar gossip, were it not for their well-informed predictions that, some one and a half weeks ago, that Barclays would somewhat arbitrarily and cheaply sell out their substantial loan exposure in Connaught – something that has now come to pass as per FT reports this week. An FT article last week was again revealing wherein a city analyst notes that last autumn, by simple and basic checking he was alarmed to have discovered “lots of costs relating to contracts which had not gone through the P&L”.
    (In the passing, I found myself, yet again, wondering what some top-range expensive professional companies get paid for when noting that PwC presided over this debacle since 2006).
    Meantime, back at West of Scotland homebase I found one major client organisation has very recently let a major maintenance contract to Connaught – who had easily passed all the client’s procurement risk appraisals.
    Just some musings from a sun tanned Scot home from abroad but, post credit crunch brought about by the financial services sector, this all leaves me wondering about the growing gap between the metro London ‘set’ and the real economy in the rest of the UK.