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To: Johnny Canuck who wrote (45022)	10/3/2008 6:12:33 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70956

2:23AM UBS to cut another 2,000 investment banking jobs (UBS, CH:002489948) by Simon Kennedy LONDON (MarketWatch) -- Swiss bank UBS (UBS)(CH:002489948) said Friday that it will cut a further 2,000 jobs in its investment banking business as it exits or cuts back operations in several markets. The group said it will exit commodities trading, excluding precious metals, and will substantially cut its real estate and proprietary trading units. UBS said the planned job cuts will bring staffing levels at the investment banking arm to around 17,000 by year end. It added it will continue to build on its equities business, but will also look for further efficiency gains. The bank said on Thursday that it expects to report a small profit in the third quarter after four consecutive quarterly losses. 2:20AM Norinchukin Bank take 0.5% stake in Credit Agricole SA by Chris Oliver HONG KONG (MarketWatch) -- Japanese financial institution Norinchukin Bank will pay 30 billion yen ($284.9 million) for a 0.5% stake in French bank Credit Agricole SA, according to a Japanese media report. In addition to the equity relationship, the two banks will strengthen operational ties in asset management, the Nikkei newspaper reported Friday. The deal will see Norinchukin acquire 12.7 million shares in the French bank. 12:37AM Nomura to acquire Lehman's Indian back-office operations by Chris Oliver HONG KONG (MarketWatch) -- Nomura Holdings (JP:8604) has reached an agreement to acquire Lehman Brothers Holding's Indian back-office operations, including its information technology operations, according to a Japanese media report. Nomura will pay several billion yen to acquire the Mumbai-based operations, the Nikkei newspaper reported in its Thursday evening edition. Lehman Brothers had located back-office operations for its global investment banking arms in the Indian city. The office had also housed some of its proprietary information technology and investment banking research. THURSDAY, OCTOBER 2, 2008 10:50PM Toyota cuts short-term workers by 20% in April to Sept. by Chris Oliver HONG KONG (MarketWatch) -- Toyota Motor Corp (JP:7203)(TM) reduced its contract work staff by 20% in the six months through September as the automaker cut back production amid weaker global demand. Contract staff, or those employed under temporary contracts ranging between four and 35 months, totaled about 6,800 at the end of September, down from 8,800 at the end of March, the Nikkei newspaper reported. The report said Toyota is likely to keep the hiring freeze in place if domestic and U.S. sales continue to be weak. Earlier this year Toyota reduced its domestic vehicle output target to 4.1 million units, 200,000 units fewer than its initial target, or about 3% less than 2007 levels.