How has UBS been the last 2-3 years?

From an ex-analyst who did 2 years IB in New York and then jumped to PE, UBS is great--with a few important caveats.

From a lifestyle perspective, first 6-8 months were hellish as mentioned by others above. Late 2020 / early 2021 the bank was understaffed due to a COVID hiring slowdown and 2020 bonus season turnover. When coupled with crazy deal flow, there were way too many 100+ hour weeks across the bank. General misery was compounded by a perceived lack of support from management (see the (in)famous UBS WLB call thread).

But things got better later in 2021, driven by a few big policy wins for junior bankers. A base salary increase, seamless credit increase, slow / optional return to office, and analyst "wellness hour" each day from 6-7pm were key improvements. Junior headcount also got a lot better after the 2021 FT class joined. For the last ~15 months of my stint I was working an average of 50-60 hours a week.

All of the above should be caveated by saying that, as is the case with any big bank, junior lifestyle depends on group. My group head was a rockstar when it came to holding VPs and MDs accountable to the 6-7pm wellness hour, protected Saturdays, and respect for vacation time. He understood UBS's place in the landscape of banking opportunities for juniors and that a disaffected junior would take advantage of abundant 2021 lateral opportunities if pushed too hard. More importantly, I think he cared about his analysts and associates and prided himself on having a "lifestyle" group even through a record revenue year like 2021. Other groups took different approaches to different outcomes, some of which were worse. You should definitely hear from people who worked in those groups.

On comp, I was happy with the bonuses I received in both first and second years, especially in the context of total hours worked. My second-year comp was actually close to the top end for BBs. My experience may not be typical of all analysts / associates, but I will push back on the notion that "people are never happy with bonuses."

On exits, the light workload provided ample time for recruiting prep, and I was lucky to place with the firm and group that I wanted during the 2021 on-cycle process. This forum aside, UBS holds significant name-brand recognition across the street, and I never felt it an impediment to my exit prospects. I (and many other analysts who recruited) got calls with all the major headhunters and many of the blue chip PE shops. I had multiple announced transactions to talk about when interviewing (one of the most important determinants of interview success).

One final thing to mention is that the lifestyle situation did appear to be deteriorating as I left. A four day in-office requirement was recently announced, replacing the previous "permanent" three-day policy. A hiring freeze has also left junior ranks pretty thin, which won't be an issue until volumes pick back up next year, but when they do it's going to be tough.

To sum up, if you find a good group and get a little lucky, UBS can be a great experience for a two and out banker (or a 3+ year banker, for that matter). Especially if you place a premium on having a good lifestyle while working at a big bank, it's a strong choice.