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affluenza's picture

More bright news.

by affluenza (Senior Orangutan, 438 Banana Points Points) on 9/30/08 at 11:39am
pink slip.jpg

Well, 1,900 more IB’s will be polishing off their resumes. UBS is finishing up plans to shave their workforce by that many beginning in November. (Just in time for the holidays!) This is on top of the 4,400 other jobs that were eliminated there over the past year. But honestly, where is there to go anymore? In light of the recent horror show on Wall Street, I don’t think there’s anyone in this industry who isn’t preparing for the worst. I think a career change is looming for many IB’s. Anybody have any suggestions?

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chuckles02912's picture

While I undoubtedly believe

by chuckles02912 (Monkey, 57 Banana Points Points) on 9/30/08 at 11:52am

While I undoubtedly believe you, can you post the link to where you read this? I looked in the nytimes and couldn't find anything. I was still waiting to hear back from UBS after interviewing with them for a ft analyst position starting next year.

affluenza's picture

For some reason think link

by affluenza (Senior Orangutan, 438 Banana Points Points) on 9/30/08 at 12:12pm

For some reason think link isn't working within my thread, but it's http://news.hereisthecity.com/news/business_news/8289.cntns

I pulled it from the newswire on this site.

prospie's picture

affluenza wrote: Well,

by prospie (Senior Orangutan, 439 Banana Points Points) on 9/30/08 at 3:44pm
affluenza wrote:

Well, 1,900 more IB’s will be polishing off their resumes.

I think a career change is looming for many IB’s.

Wait, wait....What exactly is an IB? Isn't that short for "investment bank"?

bearing's picture

investment banker

by bearing (Orangutan, 264 Banana Points Points) on 9/30/08 at 4:22pm

investment banker

Badger5's picture

I was told by a UBS

by Badger5 (Monkey, 50 Banana Points Points) on 9/30/08 at 4:53pm

I was told by a UBS recruiter that they were filling their FT class solely with SAs from this past summer.

prospie's picture

sarcasm

by prospie (Senior Orangutan, 439 Banana Points Points) on 9/30/08 at 5:38pm
bearing wrote:

investment banker

sarcasm

WesternWildOut's picture

True.

by WesternWildOut (Senior Monkey, 77 Banana Points Points) on 9/30/08 at 6:26pm
Badger5 wrote:

I was told by a UBS recruiter that they were filling their FT class solely with SAs from this past summer.

True. What else do you expect in this market environment? I'm sure UBS is not alone on this one.

coverthis's picture

do you think they will

by coverthis (Baboon, 133 Banana Points Points) on 9/30/08 at 7:19pm

do you think they will rescind any full time offers with this round of layoffs?

bearing's picture

Hard

by bearing (Orangutan, 264 Banana Points Points) on 9/30/08 at 7:59pm
prospie wrote:
bearing wrote:

investment banker

sarcasm

It's hard to discern sarcasm from truth on this board.

oasising's picture

..

by oasising (Senior Orangutan, 391 Banana Points Points) on 9/30/08 at 10:12pm
coverthis wrote:

do you think they will rescind any full time offers with this round of layoffs?

I wouldn't think so because those offers are relatively hot off the press, but who knows what will happen in subsequent swingings of the ax.

LAWM's picture

what happened to that kid

by LAWM (Senior Chimp, 18 Banana Points Points) on 9/30/08 at 11:07pm

what happened to that kid debating lehman vs ubs.
talk about a tough decision 2 weeks ago and now this?

WesternWildOut's picture

hmm

by WesternWildOut (Senior Monkey, 77 Banana Points Points) on 10/1/08 at 2:39am
LAWM wrote:

what happened to that kid debating lehman vs ubs.
talk about a tough decision 2 weeks ago and now this?

Yeah, we'll see what happens in the coming weeks to this investment banking industry shakeout. Here's to hoping UBS keeps its investment bank.