UBS layoffs
Saw it on the litquidity post. Anyone can chime in and share the details? Size, Department, seniority? Scary time indeed.
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Confirmed its happening but have no sense of scale atm
According to FT, 36 000 across the business.
Isnt that post-merger?
Bump
Already?!? I'm so fucked wtf
Least worried and stressed Investment Banking Analyst
Username check out
No big deal everyone. We are just making room for all the CS Chads to come join our team in a few months
Following
As high as 50% in some groups... worse than Blair
What's the MS for?? Yesterday I had a job at UBS, now I don't have a job and on top of that I have monkey shit.
Please tell me this is cap, I have a couple of friends going to UBS this summer / FT.
I literally just got laid off and you're asking if your friends will still have a job?? I --
Brutal.
Heard healthcare is taking the brunt of it
That is fcking brutal
US or UK (where are you)?
Has anyone actually confirmed they have occurred?
Can confirm layoffs have happened (and still are)
UBS bois chime in
down bad
Was UBS real estate affected?
Not as much as other groups. Headcount down only 20% in real estate
How big is UBS real estate
wow if 20% is "not as much as other groups", it's really fucking bad
If UBS is laying people off today do you think there will be layoffs at CS later this week?
most likely to happen after deal close
Those who chose UBS for the summer over other options. Chad risk seeking behavior.
To be fair though, CS hadn't gone bust when we signed offers.
Would you advise taking an MM summer offer & reneging UBS (bcos of conversion rates), or take the UBS offer & hope I'll get lucky with conversion?
My risk averse self would take the MM. If you don't convert the FT recruiting environment does not look good right now. MM IB experience >>>>> nothing.
Take the UBS offer. If you don't get a FT offer you can rerecruit. It's a better brand name than most MM
I think the MM is better if you’re afraid of not having a job at UBS. Definitely best to have a job then no job as once recruiting season is over you’re sunk
Bump
Anyone know the break-down by group or which groups were most affected?
Bunk
Curious about how things are at ASO/ANL level
Just hearing 1 to 2 juniors per group
Really not THAT many but I may be wrong. Hope everyone affected finds something quick.
my group lost 7 juniors
What group?
Did any seniors get let go? Wonder if this is the prep before CS integration
Sorry everyone. How were cuts distributed seniority wise?
This is a *brutal* hiring market relative to the last few years, but perhaps there's less of a stigma attached to being laid off in this environment? Imagine how much harder it would've been to explain getting canned in 2021, when firms were just grabbing random people off the street basically. Good luck all.
Does anyone know how LF/FS fared?
Working at CS mo atm (ldn), had a meeting with the MD this morning with other A1. He said nothing official yet but it’s expected all non-core function at CS will be cut. All new grads were told to look for new jobs as we would only have 3-4 months left
Lmao I think front office CS will be affected severely too, if UBS is cutting up to 50% of people now, it’s going to be way worse for CS
Any news on CS IB advisory groups?
What's the reason for the lay offs? I thought all the lay offs were going to be on the CS side, not a cull on the UBS side.
LOL
Interested, can someone explain this>??
Everyone is fair game in a merger like this. When BofA acquired Merrill during the GFC BofA IBD was gutted to make space for Merrill people. It all comes down to which seniors are staying and bringing their teams over. Banks don’t care about loyalty or putting our own people first.
CS has quality people UBS intends to keep. So appears UBS is laying off their own to make room for the incoming talent. Additionally, if this merger never happened, I’m sure UBS would’ve still done layoffs but less severe
Heard 2-3 in HC, 2-3 in TMT, 4-5 GIG, 1 RE, a bunch in certain regions of m&a, and none / very little in ECM, LevFin.
Overall at least on the IB side seemed like generally mid-level (associate / vp / director) underperformer layoffs.
This had definitely been in the works before the CS deal so there could be more to come for sure…
Not sure about some of the posts in this thread that said this was william blair-like reductions. Seemed like a pretty light trim
What's happening to UBS FSG?
Heard they're all getting let go to make room for the CS FSG chads
Were people above ANAL / ASS level laid off too?
LMAO
Rumors have it that they were deeply impacted.
What happened to banks protecting analysts from layoffs due to bad press. Do banks just not care anymore?
We are not in an employee market anymore - not just limited to finance but tech as well. The pendulum has swung back employers with the economy contracting - hence the layoffs and aggressive RTO policies.
Firms don’t care and the media / public isn’t going to shed a tear for bankers.
Yes but in a few years when deals pick up again, why would you choose to work for a bank who cut 50% of groups headcount in a down market?
Yeah I think we can put that myth to rest this year. I had also heard that said, but found myself and most of my analyst class getting fired earlier this year anyway. Maybe it was true at some point, but these banks don't give af in this market. We've seen a lot of An1 and 2s getting cut in these layoffs.
It’s always been a myth. I worked through the gfc and first year analysts were getting canned then too. No one is safe in a bear market
How has the job market treated you since being laid off?
Any insight into the P&U team in Houston?
The UBS team in Houston is already trash. I expect them to gut them liberally.
They have a P&U team in houston? Nobody in houston was aware
expect them to be chopped
It was not 50% per group.
These were planned a long time ago, basically just normal cuts they used to do but stopped doing during covid.
There will probably be more after the merger
Not 50% per group, but 50% for some groups
What group? I have seen this at all.....
You have now become a small part of the C58 "cost synergies 2023" cell of your traditional merger model
congrats to all
The irony
Who do you think advised? You're welcome 🫡
I was waiting for someone to make this comment. Now it’s the bankers turn to be
on the wrong end of a MBB integration.
Out of curiosity I wonder what the full-time offer rate will be? My hypothesis is that the bar will be higher and they will have an extremely low full-time offer rate.
Probably in the 20%
Based on what figures, intern?
I figured the return rate wouldn't be affected
Really?
How was the M&A group affected?
Anyone know about TMT Group, specifically in SF?
Hear from a recruiter that the Singapore team is badly hit. Most functions are going to be laid off, IB, Loans, Levfin, back mid office etc. Possibly only the PB side will have some retention. Not too sure how accurate this is tho.
Could it have something to do with the merger or just downsizing?Asking cos I've heard CS IB advisory is very strong in Singapore
These cuts were planned before merger, if you think ubs is going to absorb your whole team when they cut entire teams in different countries..good luck
Will analysts in CS SG be cut? or seniors only
I believe your recruiter is speaking about the cuts within the CS team post merger (or acquisition by UBS) and not the current cuts.
UBS IBD SG does not have a single loan or LevFin banker (let alone, teams). This alone naturally highlights the point on why they will cut loan / LevFin bankers (i.e. not a product that UBS IBD covers in this region).
Don't you think that would be an opportunity for UBS to have LevFin and new products?
Does anyone know about the severence?
Anyone have any insight on how interns get affected by this
entire LATAM M&A team got laid off
How many people were there?
Confirmed?
Heard they resigned? Either way, no difference in effect. How many were there? Anyone else from the M&A team?
yes
This is an interesting move, considering that CS LATAM was poached by DB yesterday.
https://www.bloomberg.com/news/articles/2023-04-04/deutsche-bank-hires-…
Are incoming FT hires likely to have offers rescinded? Did that happen in GFC?
.
I started just after the GFC. Some new hires got their offer rescinded before they started and new hires who actually joined the bank also started getting fired after about 3 months.
Everyone ended up doing ok and finding their own thing, it just slowed them up a bit.
Best way to approach it is to be realistic about finance going into it. The pay is good but there are also going to be times when you lose your job. Network a lot, show genuine interest and you will be ok.
A good friend of mine was at Turdie’s the other night and overheard two CS analysts saying “UBS? More like U.B.Ass!” Tells you a little something about the culture I think
From where did this meme originate…
Some absolute dumbass unironically posted that he overheard Wells Fargo analysts at Sweetgreen calling the firm “ASS Fargo”, and that he thinks it was indicative of the culture.
He worded it in a pretentious way that made it seem like a really clever observation, so now it’s a meme to show how stupid it is.
Gona be making some BUCSS
UBS TMT deserves an entire group layoff as they literally have been useless in ib for 3 years. The only thing they do is pitching and that doesn't bring in shit
Didn’t they do the Qualtrics and Cvent deal
Did some get laid off this time round?
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