While most banks have eliminated 10-20% of staff over the past two years, UBS’s investor presentation this morning underscored the extent to which it may have been a little over-zealous on the staff annihilation front.

As the graph below (taken from the presentation) shows, UBS’s investment banking headcount is down 30% on the first quarter of 2008.

In fixed income, currencies and commodities, the slashing of staff has been even more vigorous: 36% have been dispensed with.

In true investment banking form, UBS appears to be having second thoughts. The tables below, also taken from its presentation, show UBS has added more than 400 people to its investment bank in the past nine months.

[Click to enlarge]

The presentation also outlined what appear to be plans for additional hires in the not too distant future.

Specifically, UBS has plans to….add sales capabilities and rebuild client coverage in credit, rates and emerging markets; rebuild its credit trading bench; add and rebuild selected product capabilities within credit; rebuild/enhance/expand its position in India, China, Russia and Latin America; add sales capabilities in FX and money markets; and return to full research coverage.

Despite this seemingly ambitious expansion plan, the head of investment banking Alex Wilmot-Sitwell told investors there are no plans for a dramatic hike in headcount, and that any increases will be only modest. This sounds like wishful thinking - unless UBS has plans to chop even more staff from other areas of its investment bank.

Far fewer Wall Street jobs lost than expected. (Alphaville)

JPMorgan will need to proceed carefully. There will be temptation simply to move the best bankers over and shut down the existing Cazenove operation. (Telegraph)

Credit Suisse said to hire Charles Donald from Nomura for UK investment banking. (Telegraph)

Credit Suisse hires Vittorio Villa, senior equity derivatives trader from ML (subscription only) (Derivatives Week)

CB Richard Ellis hires Deutsche banker for its real estate team. (Property Week)

“People who are not willing to subordinate their own egos to the stability of their companies or the financial system probably shouldn’t carry out activities in deposit-taking banks.” (The Times)

The FSA’s new powers are hardly revolutionary. (Guardian)

Lawyers representing Lehman order Barclays to “disgorge” £5.9bn of ill-gotten gains. (Reuters)

Barclays is tearing out the Lehman carpets. (BusinessInsider)

Looks like only one third of hedge funds will be paying bonuses this year. (Wealth Bulletin)

Is the fact that Goldman stock is lagging the market saying something? (SeekingAlpha)

Protestors converge on Goldman’s Washington office. (Wall Street Journal)

Don't squander your severance! (The Atlantic)