30 October 2012, Swiss banking giant, UBS, announced a major change in its plans to cut employees; they now want to layoff 10,000 workers worldwide!

Last year UBS announced they would layoff 3,000 employees, but because the too big to fail bank has been losing money from its investment operations, they’ve now upped it to 10,000.

UBS employees in Stamford, in the U.S. state of Connecticut, will make up the majority of those laid off.

Of course (and more proof that unAmerican Corporate America/Europe is behind the economic disaster) stock investors loved the announcement, and drove up UBS stock prices in European stock markets with frenzied buying (I’m sure the same thing would be happening on Wall Street if it wasn’t for the hurricane).