Article: UBS bankers are wondering whether their Barclays bosses are worth it
via efinancialcareers -Sarah Butcher
Two years ago, UBS hired an array of senior investment bankers from Barclays and from Credit Suisse. Led by Marco Valla, a former Barclays' TMT banker, the Barclays hires on big guaranteed bonuses were supposed to power-up the UBS investment banking business.
That hasn't happened.
Instead, data from Dealogic shows that in the US in particular, UBS has slipped down and down the investment banking league tables. In 2021, it ranked 5th in North America. Now it ranks 23rd.
What's gone wrong? Insiders are questioning the value of 24 senior bankers hired from Barclays, many of whom are ex-Lehman, and the 200 bankers added (globally) from Credit Suisse. They're also claiming that low morale and staff are exits are taking their toll. "Everyone's distracted by other things," says one insider. What things? "Integration, regulation, policies and cost-cutting," he explains.
UBS still has CHF4.5bn of costs to cut as it integrates Credit Suisse. In the recent round of cuts, there are unconfirmed claims of team leaders being asked to eliminate headcount at each level, so that even valued staff are cut. "The bank isn't performing," says the insider. "And good people are leaving because they don't think they're going to be paid."
Dealogic says revenues at UBS's North American investment bank have gone from $2bn in 2021 to just $258m so far this year. Insiders point to the exits of individuals like Marc Warm,UBS's global head of leveraged finance to Barclays (ironically) and of David Costel, the global co-head of coverage and healthcare to Morgan Stanley. Other exits include Jens Becker, an ex-Credit Suisse banker, who left for JPMorgan in March. And then Mark Filenbaum, an MD in healthcare banking at UBS followed Costel to Morgan Stanley last week.
The flow hasn't been entirely one way. UBS has also been hiring, and not just from Barclays. The Swiss bank's North American additions this year include Jason Larsen and David Michlovich from Bank of America for tech banking; Noel Brown and Tim Chung from RBC for biotech and Brian DeLeo from Citi for ECM.
Valla has also been back to Barclays for more hires, though. In April, Barclays veterans Kelvin Quezada and Evan Raine both arrived at the Swiss bank.
What next? Insiders at the US bank complain that the North American business is in a downwards spiral, but not necessarily. It famously takes a while for new bankers to get up to speed.
London MDs at UBS say they're doing fine by comparison. "We're ok in Europe and Asia - not great, but OK," says one MD. "There's a lot of rivalry in the US," he adds. "- Cliques from UBS, Credit Suisse and Barclays...."
UBS declined to comment.
Israeli MDs are incompetent!
And Barclays ones too!
You know it bad when the media is catching on and piling on
I hate it here, and I’m pretty bored tbh
First class organization I tell you… NOT!
“UBS declined to comment.” To “Why have you guys dropped off so significantly under new leadership”
It’s like if they forgot how to originate
Dumpster fire actually. On the bright side, sharks smell blood on this leadership going to be gone very soon it seems like. Lots of senior disillusionment by key decision makers.
Louder for the people in the back
24 Senior Bankers from Barclays?!? Wtf
That’s like $100M-$150M in guarantees
Keep in mind they also gave guarantees to CS people. Like 90% of the MDs might be on guarantees. A guaranteed disaster
And these guarantees mostly expire this year. The sharks smell blood and have easy ways to cut costs. I fear the Barclays experiment has failed and will be done with real soon. On the bright side, it seems like Sergio is still somehow willing to spend on IB hires as heard that UBS is still somehow hiring MDs across the board, so whoever replaces Barclays people will be able to bring in replacements pretty rapidly likely.
If they double revenue in the second half, then that’s like $600mm? And with like 1000+ bankers thats definitely less than $1mm per head, maybe even $500k per head. Also keep in mind all the severance costs from the past year or two.
The upcoming bonus can’t be good
UBS juniors right now
Working at UBS has truly been the worst experience of my life
SB this post if you dislike working for UBS!
The easiest SBs you will ever make
I pray every day that I get laid off.
I want to break free!
Took the media long enough to pick this up. Half the bank has been on WSO making these complaints for the last year plus.
Time for regime change! Barclays bros cooked like Iran
-“Aww your little new Barclays Bank is struggling?”
-“You get 5 BIG BOOMS!”
Promises made, Promises kept.
Marco in his old Barclays Group Chats
You can’t be a BB at #23 in the US
I bet marketing books still show the as #1 at something obscure, or top 5 at another super niche metric
Yes this was a real article…
Hubris is an ancient Greek concept that denotes excessive pride and an inflated sense of self-worth, often leading individuals to believe they are equal to the gods. This character flaw is marked by a conviction that one can manipulate destiny or rise above the constraints of human limitations.
UBS Reveals Bold New Strategy: Aim for Lucky Number 23 in U.S. Banking Rankings
New York, NY – June 2025
In a surprise strategic pivot, UBS has officially revised its 2023 ambition to become the “#6 investment bank in the U.S.” Instead, the Swiss institution now says it’s targeting a more “aspirational and spiritually aligned” position: #23.
The news came during UBS’s annual leadership offsite, held this year at a moderately priced Marriott Courtyard near Newark Airport. In a PowerPoint presentation titled “Redefining Excellence: The Power of 23,” executives laid out the vision.
From #6 to #23: A Masterclass in Managing Expectations
“We realized that aiming for #6 was… ambitious,” said UBS spokesperson and recently promoted Managing Director of Internal Narratives. “After a few quarters of reality checks, we asked ourselves: why be #6 when you can own #23?”
According to internal memos leaked from a UBS strategy workshop titled “When In Doubt, Rebrand,” the pivot was driven by several factors:
• Numerology: “2 + 3 equals 5, which stands for change, chaos, and mid-level reorgs. Basically, it’s our brand” one managing director wrote.
• Michael Jordan Wore 23: “If 23 was good enough for the GOAT, it’s good enough for us,” said a Barclays transplant now leading UBS’s Strategic Thought Leadership Desk.
• Psychological Safety: “No one targets #23, so there’s zero pressure. And when we get to #18, we can say we overperformed,” said one visibly tired VP.
• Bussiness Rhythm: “We have about 23 all banker meetings a year, so we felt it would be fitting” said one senior banker who declined to be identified.
The Road to #23
To secure its spot at 23, UBS plans to lean into its core strengths:
• PowerPoint Animations: A new firm-wide directive mandates at least three swirling transitions per client pitch.
• Layoffs with Flair: Reductions in force will be accompanied by cupcakes and QR codes to “celebrate the journey.”
• Marco’s Magical Thinking: A memo simply titled “Manifesting Market Share” has been distributed across all floors of 11 Madison.
A confidential source within the bank described the new initiative as “technically still around, but no longer trying to win championships.”
Reaction From the Street
Rival banks reacted with confused admiration.
“I mean, sure, we’re gunning for #1, but this is a vibe,” said a Goldman Sachs MD. “It’s giving lowercase excellence. Respect.”
Barclays, which many say UBS is slowly morphing into, released a supportive statement: “We are proud to have set the bar. Or lowered it.”
What’s Next?
UBS is reportedly considering a marketing campaign with the tagline:
“UBS: Not First. Not Last. But There.”
The firm is also lobbying Dealogic to extend their US rankings list to the top 50, “just in case.”
Until then, UBS bankers are being trained to confidently say “We’re in the top two dozen” with a straight face and pivot any questions about league tables to “our global data insights group.”
Funniest bit of AI slop I’ve read in a while
This was so good. #23 lets do it guys!
New expansion team unlocked:
They went full Lebron 6 to 23
Another Barclays hire announced today!
Prayer not answered
Yep. And yet another legacy UBS female MD has quit (5 total in last month), to be replaced by an existing Barclays nepo.
And they announced another hire from Barclays to take over LevFin. I’m sure the long standing LevFin bankers will love having a new boss
Nightmare continues
Thank god all the freeloading Beckies are being pushed out. You should leave too!
And… how has that worked out for you in the league tables
Marco telling everyone that he negotiated 3 year guarantees for ex-Barclays bankers, instead of 2 years
These guarantees are 1-2 years long, afaik in this case. These guys are gone very soon. The sponsors' thing is an attempt at a last hurrah. It's semi-clear that UBS is going back to the old strategy of focusing on doing any and all businesses for sponsors. They have just given up on the M&A group for a reason. It really doesn't make sense to abandon the new leaderships policies and go back to old while maintaining the leadership.
We don’t know that, if they were truly shifting head of M&A would be gone. I think there might be a secret 3rd year for many of them, which would of been reasonable to ask for and get in 2023
Doubt it. But keep in mind its up to Sergio to decide when to pull the plug. Until he decides things arent working (Q2 results are gonna be horrible I bet), leadership will pretend everything is fine and keep “trying their best”
All the MDs hired in 2023 are definitely “at risk” come the annual fall layoff round. Think head of tech, m&a, m&t, alot of the tech bankers that were hired early
No way Marco lays off his own hand selected group heads. He’ll move them around, combine Tech and M&T, Vice-Chairman them, but he won’t fire any of them
United Barclays Society
Rule 4-3.2
Thou shall not never fire fellow ex-Barclays banker.
Barclays bankers have my respect. They are cleansing UBS of DEI Beckies
They took a top 5 bank and made it 23 in the US.
Thats hard to do even if I was trying to sabotage the company
This is a fascinating but also concerning read. UBS betting heavily on ex-Barclays and ex-CS hires seemed like a bold strategy, but the data suggests it's not translating into performance, at least not in North America.
The plunge from 5th to 23rd in the league tables is dramatic, and it’s hard not to question the ROI on those big guarantees. When combined with morale issues, high-profile exits, and ongoing integration challenges post-CS acquisition, it paints a tough picture.
Still, the hiring of new talent from BofA, Citi, and RBC might hint at a reset. Maybe it’s too early to fully evaluate Valla’s long-term impact — sometimes it takes 2–3 years for big hires to gain traction and show revenue results.
Curious what others think: is this just typical post-merger chaos, or a sign of a deeper structural problem at UBS IB in the U.S.?
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