Was surfing the web and I found something that's worth sharing with the community:
https://image-store.slidesharecdn.com/fae3941e-65…
The Before & After transformation of what was once the world's largest Trading Floor,
This picture is really an illustration of what happened to Wall Street since the world's most devastating Financial Crisis,
I believe that what we see in the picture is the reason to why it became more competitive for us to break-in,
Some say more than half a million jobs have been shaved from big banks in the recent years, due to higher regulations, sanctions and what not.
Lucky those who lived the glory days, where an Oil Field Driller can become a Prop Trader if he decides,
For us, its pure hustle & perseverance,
Brace Yourselves
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| USB Trading Floor in Stamford, CT 96.04 KB | 96.04 KB |
That's actually Stamford, CT
That's because UBS has moved most front office operations to 51st and 6th ave in midtown. The Stamford floor is being converted into a laser tag arena.
http://dealbreaker.com/2016/09/ubs-stamford-trading-floor/
This UBS/RBS thing was retarded in the first place... Not sure abt UBS, but it's just one of the things that Fred the Shred has to answer for.
As said above, UBS has moved nearly all FO to New York. So that picture is not a true representation of the scaling down. It will be smaller but no way that much smaller.
@ABC15
Extract from 2007 Financial Statements:
"Developments in 2007: – The UBS workforce (in terms of total full-time equivalents) grew to 83,560, up 5,420, or 7%, from 78,140 on 31 December 2006."
Extract from 2015 Annual Report:
"This accounts for the total UBS employee number of 61,685 as of 31 December 2015, which excludes staff from UBS Card Center, Hotel Seepark Thun, Wolfsberg and Hotel Widder."
26.17% lower than 2007, that's 22k jobs there, now I know theyre not all the high end trading or IB jobs but this is what happened across the board.
I also noticed while reading the report that their Wealth Management unit grew significantly in revenues/headcount. Maybe a hint for the future.
Very true. Their IB is now the red-headed stepchild of the company
Overall headcount going down - not exactly news.
Stamford floor - others have said it.
UBS headcount in particular - NOT news. Around 3-4 years ago they announced a strategic overhaul in which they would focus on wealth management and IBD-lite; mainly M&A and equities. They really pulled out of FICC.
This thread seems unaware of this - maybe too many college kids who don't know the back story.
You must have been living under a rock the past 8 years
On point. Still heartbreaking, though... ;( ;(
UBS going into WM is not news - CS is going the same way now.
As is MS?
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