UBS today highlighted the extent to which the industry has bifurcated into winners and losers from the financial crisis. On one hand, banks like Deutsche and Goldman seem likely to have record years. On the other, UBS is wrestling with a second quarter loss and an obligation to raise another 3.8bn CHF from the Swiss regulator.

The loss is attributable to ‘restructuring already announced’ and is likely to be smaller than the first half, but UBS still has staff leakage issues.

This may not be the case for much longer. After leaking senior bankers in Asia, its head of credit, its head of US TMT coverage, and now its head of healthcare and his 35 man team to Jefferies, UBS is trying to plug its holes with litigation.

It’s suing three former quant traders for stealing a secret algorithm and suing Jefferies for what it describes as a “massive premeditated raid” and “near complete lift out” of its healthcare division. According to Bloomberg, UBS made an unsuccessful attempt to buy the healthcare team back and is now determined to hold them to their notice periods and non-competes. Benjamin Lorello, the departing head of healthcare, is said to be peeved about UBS management and the size of last year’s bonuses.

If you lose your job, do it in Japan. (Alphaville)

120 jobs to go at the London Stock Exchange. (Reuters)

Close Brothers hires again for restructuring. (Dofonline)

Renaissance Capital will soon be hiring some convertibles people. (Financial News)

How Goldman hides its risk from investors. (Reuters)

Loss predicted at Morgan Stanley. (CNBC)

BofA tried to pay female ML brokers lower retention bonuses than male ones. (Reuters)

Senior Merrill Lynch banker rejoins Morgan Stanley. (Pehub)

Lingering suspicions about Barclays. (The Times)

BofE says British banks still vulnerable to future shocks. (Telegraph)

Rough patch ahead for recruitment agencies. (Reuters)

50% of this year’s graduates will be unemployed. (The Times)

Business travel broadens the mind. (Economist)

Michael Jackson-o-rama. (Creditwritedowns)