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&lt;p&gt;All had been a little too quiet on the European banking front, and today one of the overseas banking giants with significant operations in the U.S. reared its head and looks to be slashing a couple thousand of them.&lt;/p&gt;&lt;p&gt;According to &lt;em&gt;Bloomberg&lt;/em&gt;, UBS has decided to cut about 1,900 employees in its investment banking, equities and fixed income units&amp;#8212;in addition to the 7,000 jobs the firm has cut since the credit crisis began in the summer 2007. Meanwhile, analysts estimate that UBS will&amp;nbsp;write-down another $2.7 billion in bad debt in the third quarter, to go along with the more than $44 billion in crisis-related write-downs and credit losses it&amp;#8217;s already incurred.&lt;/p&gt;&lt;p&gt;This is, of course, is not good news for the staff of UBS, and it&#39;s not good news to the thousands of other finance-related job seekers out there since it means there will be a couple thousand more resumes with big-bank experience to compete with. It also signals that layoffs at other firms (such as Credit Suisse, Deutsche Bank, etc.) might not be too far behind. And don&amp;#8217;t forget, at the end of the year, a few thousand Lehman Brothers employees could be shown the door once Barclays fully integrates its latest acquisition (Barclays has agreed to keep on all of Lehman&amp;#8217;s North American banking employees at least until 2009, or else pay them severance).&lt;/p&gt;&lt;p&gt;Speaking of Bloomberg, the man himself (Mike Bloomberg, that is) topped headlines this afternoon with his apparent desire to run for a third term&amp;nbsp;as mayor of New York. There&amp;#8217;s just one hitch:&amp;nbsp;he has to first change the laws that prohibit a third term. Which is something he seems prepared to do despite New York voters passing term limit laws in 1993 and 1996. &lt;p&gt;Good thing for Mike he doesn&amp;#8217;t have to put the law change to a widespread vote but merely needs a majority vote&amp;nbsp;from the New York City Council and, according to a &lt;em&gt;New York Times&lt;/em&gt; poll, he seems to have the support to get it. &lt;p&gt;Mike for four more? What do you think? Is it essential, in light of the financial crisis,&amp;nbsp;for the city&amp;#8217;s economy that&amp;nbsp;Bloomberg stay? &lt;p&gt;As always, we welcome your thoughts, comments and ramblings below. &lt;p&gt;Thanks, and happy new year.&lt;/p&gt;

Derek Loosvelt

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