UBS Investment Bank Status Report

Hello,
I am wondering about UBS's investment bank and how it is performing these days. I believe they have fell off considerably and their asset/wealth management has carried the company for the past few years. Has anyone here worked at UBS recently as an analyst or summer analyst? What is it like/what do you work on? What is the culture like? Does anything happen there anymore? Are people leaving now and do analysts have good exit ops? Sorry for the barrage of questions but if you can answer even one of them, I would greatly appreciate your time.

 

It appears that Andrea Orcel is committed to reinventing UBS as an old model Investment Bank..not sure on the validity of the concept as it would be in a weird middle ground between EBs and BBs but shows they are at least committed to the franchise.

Interesting article on Bloomberg: http://www.bloomberg.com/news/2014-11-18/orcel-facing-hurricanes-remode…

 

was a summer analyst and will be returning next year. The summer was great and I got to help close two deals from start to finish and probably worked on 15 different pitches / deals. Culture is group dependent, very fun people that like to go out and get their work done. Group softball games and intern outings the whole summer were awesome. People are definitely not leaving and the analysts depending on group still have great exit ops. Overall the senior leadership in the investment bank are very enthusiastic about the future and talk a lot about being a nimble advisory firm. I had a great experience and will be going to start my career there.

 

UBS needs to adopt a philosophical change in strategy. For the past 10 years, UBS has always pursued scale (whether it be in wealth management or trying to compete for every deal in every sector). Breadth and size is great but it comes at a cost... This worked when UBS' Swiss aura and mystique wasn't tarnished and the market continued to climb. Once the veneer came off, they simply didn't have a competitive advantage in anything and it was obvious. I think it would be a lot smarter for UBS to unwind and pursue excellence in a few specific niche markets so that it remains agile and flexible.

UBS still has a world-class franchise in wealth management and some dominant banking platforms (i.e. Asian coverage / IPOs and certain US sectors). But it is obvious that it needs to shed non-performing areas such as its decimated Houston energy practice... In terms of traditional investment banking, UBS will continue to be a bulge bracket bank since traditional M&A doesn't really require capital. You will probably see a lot less of UBS from a S&T standpoint.

I like UBS but the franchise has always lacked leadership. Ever since its Paine Webber acquisition, UBS has never truly integrated (both international integration as well as wealth management / investment banking integration). I hope UBS can find a true leader amidst this mess. If I were a betting man, I don't foresee it falling out of the bulge bracket any time soon. Nonetheless, UBS should try to find satisfaction / complacency in staying at the #8/9 spot for at least a few years.

 

Hello, first comment here! Have been reading this forum for quite a while. :)

I believe the biggest headache of UBS right now is the direct (or indirect) pressure that has been put from Governments and Politics regarding deposits of i.e. tax evaders in Switzerland. On top of that, you have the 2bn losses of one trader. Too much pressure on this bank, and ofcourse the ibanking unit has adversely been affected. As for the BB status, I primarily consider it as a BB Private Bank and secondarily as a BB Investment Bank.

Colourful TV, colourless Life.
 

Check out the "Shareholder Report on Subprime Losses" - absolutely the most disclosure you will find anywhere on how all aspects of the business have been negatively impacted, and a good primer on how a bank actually operates for college students who want to get in to the business.

 
randomwalk:
Check out the "Shareholder Report on Subprime Losses" - absolutely the most disclosure you will find anywhere on how all aspects of the business have been negatively impacted, and a good primer on how a bank actually operates for college students who want to get in to the business.

Do you have a link? I tried a filetype:pdf search on google with no luck

 

I think you are right that it will be tough to retain talent in the meantime. But it isnt like the other banks are in full hiring mode, so many people may not be able to leave for awhile.

In the long run, I'm not so sure that a spinoff of the investment bank would really be that terrible (a sale would be a different story of course) if they had good leadership at the new bank... Moelis left primarily because of the hoops he had to jump through to land deals at a huge firm like that, which would be less of an issue in a standalone bank.

I think it is the uncertainty that will really hurt retention.

 

I worked there for almost 3 years and everyone I know who is still there is worried but saying UBS IBD is over is a bit apocalyptic don't you think?

It is probably going to have less emphasis placed on it from now on (if that is even possible) but it is a solid revenue generator. Why would they chuck it?

 

I'd imagine that their fixed income division (ex FX&C) would be pretty much cut. But M&A doesn't put any of the bank's capital at risk, so I'd be very surprised if they were to cut it especially after they spent so much money in 2003-onwards building it up. Their underwriting services might be scaled back, but considering that they are(were) #1 in equities placements DCM probably would be worse hit than ECM.

All in all, UBS is still a top5 M&A, and top 10 ECM/DCM - by imputed fees.

But I'm pretty certain that they'll massacare their prop desks - especially FI.


Just my 2c.

__________ Just my 2c.
 
lorican:
I'd imagine that their fixed income division (ex FX&C) would be pretty much cut. But M&A doesn't put any of the bank's capital at risk, so I'd be very surprised if they were to cut it especially after they spent so much money in 2003-onwards building it up. Their underwriting services might be scaled back, but considering that they are(were) #1 in equities placements DCM probably would be worse hit than ECM.

All in all, UBS is still a top5 M&A, and top 10 ECM/DCM - by imputed fees.

But I'm pretty certain that they'll massacare their prop desks - especially FI.


Just my 2c.

I agree with your reasoning but they don't really have any prop desks to massacre. They are fully 'client focused' now!

I would imagine they aren't going to announce anything huge this week, i.e. that they are dumping IBD, but IMO their actions speak louder than words. What they have done with the bonuses is effectively saying that their IB is an unwanted child. "Please please please take him/her off our hands" they call out to HSBC...

 

so do you all think most of the axing will come from the S&T side? or for those of us with full time offers on the IBD side, should we be looking for other employment before our full time stints start this summer?

 

Despite what a few of you have said, I believe the earnings announcement will be very telling with regards to the future of the IBD. I don't mean to say that worse than expected earnings will directly result in dropping the IBD. Given all the publicity this issue has received recently, I just can't imagine it won't be directly addressed.

 

From UBS letter to shareholders published with Q4 results:

"The Investment Bank will remain a core business of UBS. It will continue to focus on reducing risk and on turning around its profitability.This will involve it concentrating only on corporate and institutional client-related business in Equities and in Fixed Income in its key markets worldwide. It will also continue to grow its leading corporate finance and advisory businesses."

This says it will grow the IBD... so... I think you're safe wingman.

 

so with the numbers finally out, what are your opinions now? they said after one more round of job cuts this quarter, the staffing levels will be satisfactory so no more cuts in the near future. is ubs a pretty safe place to start out as a 1st year or intern this summer?

 
xqtrack:
i just don't understand why you would want to go to UBS now. All the MDs who are good enough to leave will.
I'd imagine that they would pay to keep those MDs at UBS. I'm sure that the $700mil (or whatever) bonus left after the 1.3bil contractual element will be skewed strongly in the direction of the best MDs.

Just my 2c.

__________ Just my 2c.
 
IBnutz:
lorican, i posted what i know 2 comments above... can you not read? or did you just ask the question before you read the previous comments?
I though you were bullshitting. UBS released their bonus figures for individual employees on the Feb 12th. Does anyone know any actual numbers?

Just my 2c.

__________ Just my 2c.
 

I didnt say hiring in mass. obviously nobody is. But that doesn't mean that the resumes aren't pouring in at every shop in NYC. guys who made 700k-1mil a year and are now being told that their bonuses will be vested over 3-4yr periods and only paid if the firm is profitable are outta there. no senior guy is content with receiving just base when they bring in millions in biz a year. i am assuming that you work there so i will take your word over mine, but from what i have seen..if a number of guys haven't left yet, they will be looking to do so soon.

 

It will be interesting to see what kind of committment the new CEO and Chairman have toward IBD. I think UBS is a pretty decent place to be right now. No, you're not going to make as much money as people made 2 years ago. But you are going to get onto Wall Street, learn the basics, hopefully have some marketable experiences and be positioned for the economic recovery whenever that may be.

 
IBnutz:
From what I've heard from my group head (indirectly) and from buddies in other groups, most of the coverage groups on the IBD side are done with layoffs for a while (maybe for good). This is always subject to change and none of it is "formal" rumor, if that makes sense.
Do you know how badly the European teams were singed? Also, do you know how UBS ranks for M&A so far (world-wide and europe) this year? Thanks.

Just my 2c.

__________ Just my 2c.
 

@IBchimp - you're right, but what i'm trying to get at is that pretty much any bank not associated with the pfizer deal did not place into top 7 in m&a this year. ie: DB, UBS, CS

@IBnutz - have you heard anything about the incoming 1st year analysts? are all the offers still ok? is HR going to offer the 1 year defer employment again like last year? thank you

 

haven't heard anything specifically about incoming analysts but i did talk to HR about some incoming associates from my b-school and they told me their jobs are all safe, and the incoming associate class is actually going to add 1 or 2 people from where it stands now.

i would imagine analysts are in the same boat. i have heard no rumors of cutting incoming people.

again, i dont know as much about the analysts and the rumors surrounding them but as for associates you have to consider that no first year associates have been let go (as far as i know). thats a good sign for incoming folks that you can show up and your job will be safe atleast for a little while.

 
MoneyKingdom:
http://preview.bloomberg.com/apps/news?pid=newsarchive_en10&sid=aY046sS…

No one cares about these types of articles. Less than two years ago, UBS was gonna sell the IBank, now I'ts the greatest thing ever. What a shit company.

huh? it was a speculation article by bloomberg? does bloomberg dictate UBS strategy?

1) no us separation laws of that sort were put into effect 2) no capital requirement changes by swiss gov 3) investment bank unit was turned around

the article clearly lists 3 points as reasons for a sale, none of which occured

 

Read the original report issued on the EBK paper. What happened is unforgivable, but what you have at the core of UBS is still an awesome equities, m&a, asset mgmt and wealth mgmt business. They will be less of a trading house for some time, alright and their fixed income always sucked. So what. Once the remaining toxic assets are neutralized (keep in mind that in many of them the underlying real estate assets have not defaulted on any payments at all, but they must mark the financial instruments to market due to accounting rules), people will again talk about the returns posted by the other activities.

That Barclays story is ridiculous. I also want to own Goldman Sachs, but nobody has knocked on my door yet...

 

ghosht, how do you know for sure? Obviously this is not a Bear Stearns scenario (i.e. the bank is not going under and will not be bought in the short-term), but clearly the message is to scale down the size of the IB and that may involve cutting down the incoming class. A break-up/sale of the IB would be even worse, I imagine, though would not be logistically possible in this kind of market anytime soon.

Any thoughts on the medium-term (1-2 years)?

 

After reading the WSJ article on UBS on wednesday, it was pretty clear that the new chairman realizes the IB is the prime breadwinner for the firm and he is going to try and strengthen it in any way possible. They talked about job cuts, and the number was around 1,500 in the IB but it was stated that this was from last year to now...not 1,500 more to come. Though its possible there could be some shake-up, I personally believe that "strengthening" doesn't have to do with slicing thousands of jobs, but rather keeping talent within the groups.

Just my $.02

 

My impression from the press is that wealth management is the jewel and that they'll do anything to protect it, even if that means eventually spinning off the IB.

 

Read the actual letter here, labeled "Letter to Mr. Marchionne" http://www.olivant.com/press-releases/

He's basically saying that Wealth Management and Investment Banking should be held onto, but perhaps legally separated, and that Asset Management and/or Pactual and the Austrailian Business should be sold.

As far as where cuts may be made within IBD he also states "it will be important not to allow the concentrated failure by a relatively small group of senior management and traders pursuing a single proprietary trading strategy to result in a general retreat from risk, with negative consequences for the investment banking client-focused franchise and retention of talent" . . . i.e. let's not throw the baby out with the bathwater.

 

I'm starting in July, applied to the M&A team in London. So far UBS HR has proceeded as normal (as one would expect) and has organised a welcome event in a few weeks.

The Olivant letter seems to focus on the key problems with the firm's management. i.e. that certain boards should be separate and not conflicted.

I think the spinning off of the IB division is unlikely given the market turmoil, however I certainly agree that there will be drastic cost cutting measures taking place in the coming quarters.

Olivant holds only 0.7% and therefore is hardly influential, the only concern is whether there position acts a rallying point for the disillusioned shareholders before the upcoming AGM.

I very much doubt one of them will be to rescind graduate offers - Due to the low cost labour that grads offer, bad publicity on campus, and the fact that grads are the future of the firms growth.

There is a substantial difference between Bear's position a few weeks ago and where UBS is at now.

 

IB is not the prime breadwinner of UBS.

And you should be worried even if your offer is honored. The VPs will most definitely be fired. Maybe some Ds too. MDs with good client networking will stay.

This means you'll have no one in between you and very senior guys; meaning you'll have heaps of work to do, no one to check it and so forth. And even after all that, you'll get a pitiful bonus.

 

Yes, you should be worried. Not because it's UBS, but because it is banking and the cuts are going deep and lots of people are losing their jobs.

If I were entering rather than exiting banking right now, I would be worried over continued future cuts as well as general lack of dealflow and all the economic problems.

Whether or not you should shop your offer is up to you. As of right now, I don't think this is at all similar to the Bear situation where you could tell even at the beginning that hedging your offer would be necessary.

Warhawk: That's an interesting point from Genghis, and one I somewhat agree with. Things are bad, and seem to be getting worse.

If you are really paranoid, sure, go shop around... but I don't know that I'd recommend it to all incoming FTs at this point.

 

The first, and most important, thing here is not to overreact.

The level of anxiety here on this board mirrors that which is probably felt on campus among the Wall Street-bound, so I'm not surprised by it. Frankly, if you were on a bulge bracket investment banking floor you'd see an atmosphere that is pretty gloomy in many respects too. Between layoffs, which have been active for the past week and should continue through the balance of this month, and general market upheaval - well, let's just say that a certain amount of paralysis sets in as people worry about jobs and careers and that tends to make these downturns feel even worse than they are.

But there's very little of it you can control. If you're on campus or taking a last hurrah trip to backpack around Europe, there's nothing you can do to affect the decisions being made about you in midtown or downtown Manhattan. The same goes for the young analysts and associates looking around their cubes in trepidation.

It's just not a good approach to spend the next five months staring at your cell phone hoping you don't get a (212) call out of the blue if you're a student, any more than you should be hiding in your cube hoping to not get a call from the 25th floor conference room or a visit from a pair of security guards to take you to said conference room. You'll drive yourself nuts, paralyze your ability to function, and pre-destine yourself to the outcome you don't want if you do.

I tell my junior bankers that this is a time to show what they're made of. Everyone reacts to adversity differently. Don't let fear and despair render you unable to function. Don't allow it to make you someone who you are not.

Sorry - I'll stop preaching. But given that I've been a voice of pessimism for the past few months, I wanted to put my words in perspective. Eye the situation with a realistic eye, but don't give up just because you think you face potentially long odds.

But back to UBS. If I were an incoming associate, analyst or summer - would I be worried? Yes, definitively. Do I think they'll start revoking offers? No, not necessarily. As ex-banker has pointed out, there are campus relations, student relations, general reputation and even self-image factors that mitigate the willingness of firms to take such an extreme measure.

But do you think they'd prefer to pare back the classes? Absolutely. And that's the risk. If things get worse, all bets are off. So no, I don't think they'll do it (yet), but I know for a fact that for UBS as well most firms on the Street, the option is not off the table.

As Dosk points out, however, the risk really isn't in the revocation of the offer, it's really general layoff risk at this point.

One thing I do want to point out that I think may have eluded some people on this board: what is the purpose of the summer program? I've heard people say "we're cheap", "they would love to have us in other groups", "we're an investment", etc. All of which I think tend to reflect a tenuous grasp of reality.

The summer programs exist for one reason alone. To minimize interview error. That's it. We get the summer to test drive the candidate (and sell him/her a bit), and that candidate gets the summer to figure out whether he/she likes us and investment banking. It's not to improve yields - in fact, in many ways it increases your risk profile for losing a summer because the summer experience enhances their ability to trade up during FT recruiting.

It's not to get additional hands - summers are far more trouble than they're worth. In most instances they increase the amount of work you have to do rather than reduce it, because they're new and as a result slow and prone to error.

So say you typically hire 100 summers, with the idea that you'll give offers to 60, hit on half and get a 30-person head start on recruiting. Now the market sucks, so you're more likely to get an 80% yield than 50%. And probably your target isn't 30 accepts anymore, it's a lot less because now you're trying to shed bodies rather than adding them.

You don't need anywhere near 100 summers. Even accounting for additional option value, you may not even know what to do with 100 summers, given all of the professionals you've killed off and the additional capacity that is unused in your analyst and associate bullpens. Hell, you might prefer to go with 50, since it would just be a lot more manageable.

Do you keep all 100?

Actually, yes. As long as you can. But not forever.

Does that answer the question?

dosk17:
Yes, you should be worried. Not because it's UBS, but because it is banking and the cuts are going deep and lots of people are losing their jobs.

If I were entering rather than exiting banking right now, I would be worried over continued future cuts as well as general lack of dealflow and all the economic problems.

Whether or not you should shop your offer is up to you. As of right now, I don't think this is at all similar to the Bear situation where you could tell even at the beginning that hedging your offer would be necessary.

Warhawk: That's an interesting point from Genghis, and one I somewhat agree with. Things are bad, and seem to be getting worse.

If you are really paranoid, sure, go shop around... but I don't know that I'd recommend it to all incoming FTs at this point.

 

GenghisKhan,

What do you foresee for the summer '09?

And I recall earlier that you said more SAs at other banks may be let go?

Is that an option that is currently being discussed heavily amongst bank? The summer is quickly approaching that is why it seems like such an extreme measure at this point

Also, I do not work for UBS, but do you think that it will be split up? I tend to think so. Curious as to your thoughts.

The bank that really concerns me is Citi. I could see them pulling SA and FT offers

 

Following GenghisKhan's post, from what I've been hearing, what you say sounds about right - i.e. FT offers will probably be honored, but the layoff risk remains in general.

Having noted that, is it worth thinking ahead slightly and considering other options? What would be the real point of having an FT offer honored at say UBS or Citi if there is a reasonable likelihood that 1 year down the track you get laid off because pressure on the firm continues to build? The reason I single out these 2 firms in particular is because both have been hit particularly hard with writedowns but, more importantly, investment banking is not necessarily a core business, and I'm not convinced of the commitment to investment banking in a downturn/long-term(this probably goes much more for UBS, given Vikram Pandit has an investment banking background as does a solid chunk of the Citi board - i.e. Rob Rubin).

So, Genghis and others, I'm curious as to what you think would happen in the event that 1 year down the track UBS decides to legally separate their IB with a view to a sale? Would that just exacerbate the bloodletting?

Also, even though I've heard the 'campus relations' and 'image' reason used a lot to explain why banks would be reluctant to revoke offers, how much would this hold sway if a bank decides that it is not all that committed to investment banking anyway beyond the 2-5 year horizon?

Granted, all of this is speculation at this point. But the events of the past couple of weeks lead me to think that this stuff is worth considering.

The other problem with a lot of this thinking is that even if you decide that it is worth acting to move elsewhere to head-off the possibility of getting laid off in a year, I imagine that would be very difficult to do right now?

 
random1:
...is it worth thinking ahead slightly and considering other options? What would be the real point of having an FT offer honored at say UBS or Citi if there is a reasonable likelihood that 1 year down the track you get laid off because pressure on the firm continues to build?

It really is premature to think too far down the road - market conditions during your full time stint are a virtual lifetime away. As you can see from the change in market sentiment from July of last year versus September, or January of this year versus now, a lot can change in a very short period.

Let me give you a more optimistic view of history, for a moment. There is much talk of how banking is becoming more of a commodity business, or how firms are looking to exit investment banking due to the volatility. Don't take it too much to heart.

When I used to do more violent things for a living, I used to say that you should look for "ground truth". Forget what all the commentators say and look for evidence that definitively describes behavior. Humans are very good at modifying behavior to suit ground truth.

For all the talk of disintermediation or commoditization of our business, what has happened to employment, and more importantly compensation? It has escalated completely out of proportion to the economy at large. Put on your economist hat. Is that evidence that investment banking has become a fundamentally more challenging business? Exactly the opposite, right?

So now, the talk is about how banks can't stand the volatility, and may exit or separate their IB business.

OK, that's fine. Does this mean companies will require less investment banking work? Less capital raising? Less M&A? Perhaps moderately in the medium term, since the leveraged finance business and associated private equity is likely to become more difficult. But overall, someone will pick up the slack left by Bank of America and others if they exit.

The question is fundamentally one of whether a money center commercial bank has the risk appetite to hold a large scale investment banking practice, not whether investment banking is a lucrative business. The long term question is more relevant, in my opinion, for private equity and hedge funds, which have sprouted like wildfire in the light of easy debt markets.

This down market, like all others, will pass. It may take longer or shorter than we expect, but there seems very little reason (in my mind) to overreact negatively than there was to get carried away by the exuberance in more favorable markets.

 

I don't really know about this particular topic, but I would assume that even if you are afraid of losing your job, there isn't a whole lot you can do right now in terms of lateral transfers, because everybody is having a tough time right now.

Is this accurate or not?

 

GenghisKhan, I must say that I love your writing style. It has a hint of darkness that lingers behind as the truth is driven in with a firm hand. Perhaps the best on the board IMHO. Was it developed through your banking career (all those pitchbooks have got to add up to something), or is it more innate?

As far as the content goes, it put things into perspective for me. Could you elaborate a bit more about looking for the "ground truth"? Not in a banking context, but just in any situation.

 

I understand the market analysis of ppl like Genghis etc. As a potential incoming analyst, I am happy to take on the risk that you do well in good times, and you run the eternal risk of being laid off in bad times. That risk lies at the base of the industry, and is one we are now all aware of.

But what I'm more interested in is the particular risk of working at UBS or Citi, who may not hold on to their investment banks. I just saw this new article on Bloomberg claiming that UBS will sell their investment bank in 2-3 years. http://www.bloomberg.com/apps/news?pid=20601102&sid=aY046sSHRsJw&refer=…

In this context, what are the risks for an incoming FT 08 analyst at UBS, for example? Beyond merely the broader risk in the market that layoffs intensify as things become worse before they become better?

 

Vikram Pandit won't exit the investment banking business at Citi - that's where his background is.

Some of my thoughts/observations as a BB 1st year analyst in a group that was heavily affected by layoffs:

  • FT 2008 analysts are more safe if they have direct offers into their groups as opposed to going through a placement process when they arrive for training. The reason for this? FT offers were made in Oct/Nov when very few banks, if any, thought that the credit crunch would last as long as it has. I would be shocked if the analyst headcount in my division can accommodate the large class that is about to start in July. Not every FT08 analyst that has to interview for his/her group placement will make it through training. The lucky ones will get moved to other areas of the firm. This happened in fall 2001 and it will happen again.

  • The few analysts that haven't made it through the massive layoffs at my bank were all able to find better jobs within two months. The more senior people have had a much harder time. Laying off analysts is still a last resort, as the cost savings is minimal. We will definitely see a lower 2nd year to 3rd year analyst/3rd year analyst to associate promotion rate, but that shouldn't be your immediate concern.

  • As for Bear-style transactions that could wipe out entire groups/divisions/etc at a bank...that is, as we have seen, clearly much harder to predict. As a UBS analyst you are probably in a better position than a Bear analyst - JPMorgan wanted Bear's prime brokerage division, not its IB. UBS' IB is strong enough that I doubt it would be the case. Individual trading desks, etc I can't comment on - but that is my overall impression.

Overall, a lot more mid-level (assoc/VP/director) people will lose their jobs. The weaker analysts probably won't make it either, but at a lower rate. Keep your interview skills sharp, your resume up to date, and enjoy the short time you have left in college - there isn't much more you can do now anyway.

bostonchica7:
I would be shocked if the analyst headcount in my division can accommodate the large class that is about to start in July. Not every FT08 analyst that has to interview for his/her group placement will make it through training. The lucky ones will get moved to other areas of the firm. This happened in fall 2001 and it will happen again.

Sh!t is going to hit the fan this summer

 

while HC may be a sweatshop, from what i hear, you can get a direct promote from 2nd year analyst to associate. so it may be a good option if you are looking to be a career banker in a leading group of an industry that will continue to grow into the foreseeable future.

that being said. yes, i do hear horror stories about analysts and summer interns that have worked there.

if you want exits, HC should be at the bottom of your list.

 

Just going to throw this out there, if you want to get into IB you should assume you're going to be working 100+ hours per week. This way, if you are working only 80-90 hours, you can be excited for how easy it is. AND if you're working 120 hours per week you can tell yourself that it really isn't much more than you thought.

In all seriousness, if you're caring about the hours, IB probably isn't for you. People in banking generally are willing to do whatever the fuck it takes to get themselves to a higher level in their career.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
Bernankey:
You guys are fucking retarded. Sales and traders are investment bankers as well. Not advisory obviously.
Reminds me of the recent thread about the healthcare analyst getting called out at a conference. Someone responded that this analyst should have a great story for applying to b-school. On this board everyone's perspective on wall street is framed entirely by applying and interviewing for 22-y.o./monkey jobs supporting junior M&A/ECM bankers.
 

YoungOne - The article highlights the fact that UBS has to front-load its cuts due to the unauthorised trading loss, thus originally thought only to whittle down their IB division to 16k within a five-year timeframe, they've had to restructure their ops much sooner.

God knows how much more cutting will occur following the most recent board meeting. Makes sense though, given their 26% return on allocated eq, why the heck would they continue to hold a high cost base with a gem of an AM / WM franchise??

 

[quote=clammers1234]http://dealbreaker.com/2012/10/layoffs-watch-12-ubs-10/[/quote]

That is wild. I would think the entire office (those that didn't get laid off) would immediately start focusing on finding another job / I mean you might as well lay off the entire office at once.

Does anyone have an idea as to what all these people will do? I mean I can't imagine all of them will immediately get right back into banking (too many at once) - do you thnk most of these guys will be employed in a week or still looking?

 

The article just repeats what was announced in 3Q 2012. UBS is scaling back in FICC, not in IBD. Old news, cited article is amateur journalism at best. What's more, UBS actually increased RWA in its IB division in 1Q 2013, a little bit of a surprise given that they still have a long way to go to get to the goal of $70bn RWA for the IB. Some brokers are actually concerned UBS may not fulfil its promise of scaling down as deep as announced in 3Q because of above average results in 1Q 13. Surprised you didn't do your diligence on this one

 

I hope this doesn't make me the stupid guy in the discussion, however, how does this impact their equity research group? I realize that ER is part of the investment bank, but they have been hiring like mad for their research division.

in it 2 win it
 

Eligendi incidunt ad provident ea error dicta. Minus voluptatem provident qui necessitatibus architecto enim vitae. Hic accusamus doloribus molestiae et commodi quia. Eos quis voluptate ad sit ullam vel qui. Illo non incidunt voluptas hic. Accusantium saepe vel consequatur repellendus debitis iusto rem.

 

Accusamus fugit reprehenderit qui quos nesciunt non. Aliquid fugiat culpa sed.

Rerum et voluptatem et praesentium vel iste occaecati. Aut rerum consequuntur eaque ab et corporis quas.

Impedit odit dolores maiores cumque et. Sit enim non vero sit. Officiis occaecati aut molestiae rem officiis sint. Sunt commodi quam voluptas placeat harum sit accusantium. Accusamus fuga inventore iure nulla debitis est excepturi quae.

Quos et sint maiores a eos architecto dolores. Dolores tenetur facilis repellendus nobis.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

Quidem consequatur quo reiciendis aut. Cumque atque repudiandae eos mollitia quisquam. Corrupti labore occaecati consequatur voluptatem et. A magni aut perferendis eos qui ut consequatur quia.

Corrupti voluptatum voluptas nemo sed ut. Ea laborum atque est sed porro. Minima ut molestiae rem vel eaque. Nostrum accusamus assumenda accusamus dolores dignissimos dicta sed molestias.

Adipisci dolorem rerum quisquam aut sapiente debitis sint. Natus magni incidunt quo ad. Est est harum impedit possimus. Ut omnis cum numquam quaerat. Ut autem placeat sunt sequi libero. Nobis repellat facere animi et.

 

Reiciendis in iure ut optio repudiandae sed. Nobis laborum eaque repellendus voluptate facere quasi. Quaerat ut ab esse alias velit ipsum quasi. Ad vel deleniti mollitia ex. Omnis quas suscipit facere omnis expedita. Nam repellendus deserunt fugit quis vero maxime.

Et tenetur qui dolorum iste porro qui. Quo nihil corrupti consectetur voluptatem. Nostrum libero qui et eos possimus vel dolorum vero. Numquam autem vero quo vitae dolore. Unde praesentium voluptatum quasi. Commodi eum explicabo ex dolor repudiandae velit. Voluptatem eaque occaecati eligendi incidunt.

Ab officia omnis magni et natus. Perspiciatis eos quia quidem assumenda quod tempora. Voluptate quas id ipsum libero numquam. Illo facere ut omnis veritatis aperiam. Dolor excepturi deserunt sint.

 

Dicta error omnis et mollitia animi vitae accusamus. Sequi perspiciatis aut qui sit officiis officia sunt. Qui voluptatum iusto voluptas. Ut et reprehenderit omnis quod. Voluptas fuga aliquam quae voluptatem ea est officia qui. Id delectus perspiciatis voluptates deserunt atque odit et et.

Voluptatum ad aut perspiciatis. Fugiat eum et provident repellendus quis sit expedita recusandae. Quia similique ullam molestiae.

Animi nostrum sint repellat sint. Qui iste doloribus saepe modi exercitationem.

Omnis aut sit qui corporis dolorem omnis. Perferendis nihil unde necessitatibus dolorum eum. Tempora voluptas vel placeat iure earum tenetur. Accusantium ut ab eveniet reprehenderit. Rerum cupiditate cum cupiditate placeat voluptates enim et. Dolorum perferendis rem aperiam velit quia fugiat corrupti qui. Eligendi veniam rem minima quod accusantium perspiciatis sapiente.

 

Eligendi dolores similique dolores quae et provident. Ullam officiis saepe minus dicta autem. Qui pariatur dolor nostrum iusto inventore. Neque accusantium libero accusamus provident expedita.

Ut amet architecto velit dolor excepturi doloremque. Aut ab ea aperiam illum doloribus explicabo. Qui eum ipsa dolores hic iusto praesentium earum ea. Aut saepe minima earum sit. Et eaque delectus nihil quasi. Debitis delectus enim est assumenda asperiores consectetur enim.

Ut voluptas nobis et dolor. Minus non perferendis officia necessitatibus. Ipsam ut nihil et hic ad vitae sit. Ullam quo eum esse rerum aut vel. Facere maxime qui voluptatem aut ipsa aut. Sit eum quam eaque ipsam ut id mollitia. A nihil repudiandae cupiditate temporibus sint.

Rem facilis quisquam quos non. Reiciendis natus quia et est.

 

Dignissimos ratione quia qui officia. Animi eius id optio amet. Dignissimos debitis repudiandae qui similique et. Maiores qui autem totam iusto corrupti deserunt in. Autem libero culpa omnis reiciendis voluptas alias cupiditate.

Rerum mollitia quo voluptatem velit laudantium. Officiis incidunt labore ex in doloribus est nihil eos.

Harum odit cupiditate debitis id sunt rerum. Et et ut temporibus placeat atque voluptatem. Aut velit asperiores quibusdam minima commodi. Sed autem quasi enim itaque.

Hic non ipsa enim cum. Vero repudiandae libero id a dolore ut. Et aut temporibus impedit voluptas vitae non minus. Sunt deserunt sint et quia.

 

Sed expedita quisquam quia animi repudiandae. Deserunt nobis pariatur voluptatem sequi est ea culpa. Asperiores nesciunt autem in voluptates. Alias eos error quia vel. Enim quia ipsum et non dolorem eos. Voluptatem optio accusantium aut dolor inventore quis.

Voluptas rerum ab rerum delectus qui repudiandae dolor. Deserunt temporibus doloremque sit molestias ducimus. Alias omnis quasi inventore est unde ipsa. Magni esse et autem. Et nisi voluptatem aut dolorum modi veritatis. Dicta aut perspiciatis rerum laudantium.

Ipsum aspernatur necessitatibus dolor inventore aut molestias harum. Occaecati est qui corrupti numquam et veniam culpa ullam. Accusamus ipsa qui ipsum. Magnam est dolorem ut alias in dolores. Nulla omnis debitis odit est. Nobis quidem suscipit et.

Repellat officia dolores et repudiandae sunt quisquam. Aperiam animi culpa beatae ut ratione qui vero vitae.

 

Perferendis magni eos omnis ipsam. Qui dolores deleniti est. Officia illum ut in dicta consequatur illum.

Eum beatae ad sit nobis. Ea consequatur aut temporibus eos dolorum. Expedita aut deleniti facilis debitis at vero. Quo debitis nulla voluptates. Nisi voluptas nulla quae ipsum numquam velit.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”