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As someone who left UBS in 2026:

ECM is pretty great at what it does. UBS has been an active bookrunner on several high-profile tech IPOs such as Cerebras and was top 10 in tech ECM fees last I checked for the year, largely due to external hires from non-Barclays banks. LevFin was stronger last-year but is still probably the best group in the bank when you compare it to the same group at peer banks outside of Tech ECM.

Industrials lost a lot of great seniors and replaced them with less experienced ones, but is still the strongest coverage group. Tech and Sponsors are the relatively good WLB groups but both have other issues. Sponsors has been firing people recently including at the analyst level. Tech doesn't really do anything outside of ECM deals and was recently announced to be combining with M&T, which is one of the worst groups in the bank. Culture everywhere is bad with M&A being the worst.

Comp is good if you are top bucket as a junior, medicore if middle bucket, and terrible if bottom-bucket relative to street. Exits from UBS as a whole were much weaker this year than last since the old CS people who did on-cycle have largely left. Still the rare UMM or top MM exit but much rarer than before. A lot of people are trying to leave to the buyside but can't across groups, including from supposed top groups. Groups like Industrials, LevFin, and Tech that had stronger exits in years past all had weaker exits this year.

 

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