Looking at UBS's post-Brexit strategy, the answer seems to be a huge YES! Mr Orcel, president of the investment bank, decided to ask many of the London employees where they would like to go, and commented:
“That means I don’t lose employees, I don’t need to rehire, retrain, and I have a team that is going to be a lot happier because the large majority of them want to go to that location,” Orcel said.
Thoughts? Is it normal procedure or a peculiar strategy?
For more details: Interview to Orcel
He has probably asked a few key senior employees who maybe talked to a few of their guys. Don't think that as a junior or mid-level guy the bank gives a shit about what you want.
More like UBS president asks senior staff to vote on whether a new HQ location would make access to their second homes inconvenient.
In this market, and in that region, you would have to be politically brain dead to tell the truth if your boss even whispers the word "relocating" without first connecting the dots on your own.
I read that UBS is bringing most people to Frankfurt.
Can't imagine that its employees chose Frankfurt over other cities in Europe
Quite true haha, I would have rather moved to Paris/Milan/Madrid/Dublin/everywhere, but it's a matter of personal preferences I guess. Maybe living in Frankfurt has some attractiveness I didn't get.
No bank president will admit they have retention or employee problems even if they did. You wouldn't get a straight answer from him regardless. My experience is that anything you read in the newspaper, that is quoted from a senior level guy (CEO, president or other) about the internal nature of a company is normally a marketing pitch.
Anything going on internally is never a problem, it is "sunshine and roses" 24/7 so their shareholders don't get suspicious.
I used to work for a large corporation, and I was amazed at how external media was spun to create the perception that things were better than they actually were. Not saying this is the case in this particular instance, but I would maintain healthy suspicion with all news these days.
Who cares? It's UBS....
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