Incoming UBS SA 26 worried about the state of the bank
As stated above, I will be doing my junior summer with UBS (hoping for top group - GIG, LevFin, FSG, C&R). This was the best offer I could land despite putting so much effort into the recruitment process and before reading WSO posts I was very proud of myself to have even received an offer. All of the negative WSO posts are making me very nervous for next summer and I would love some perspective/encouragement from those who are already working within finance/IB if you are able. Would you have any advice/encouragement for me going into my SA program and career?
Everyone will go for those groups so you have no idea where youd end up. Would at least try re recruiting and see what is out there
WSO loves fear-mongering, and there are very clearly people on this forum who have it out for UBS due to personal reasons. People starting at UBS go on to have great careers across groups, whether that be in banking or outside of that. It's always been the case, and I do not doubt it will continue to be so. Though I will say, out of your list, maybe avoid FSG, all the news surrounding it makes it seem like it will be made useless by the combination with M&A. The recent split from LevFin a few years ago, before this, means 3 group structure changes within 3 years; it seems like a very unsafe spot to be in, even compared to the rest of UBS.
Also of note, it goes without saying there are tens of thousands of people who would do anything to be in your spot, so congrats! If you convert FT, you would be joining a job that will generate you a top ~5% income for your age range with a significant ramp-up in comp in exchange for long hours, the same calculus as IB has always been at notable firms (UBS currently remains this and will continue to be this for the foreseable future given historical reputation and broader bank reputation across the street amongst those with more experience).
A job is a job.
As you should be concerned
Congrats on UBS
An IB gig is an IB gig
Congrats on the job - don't listen to the fear-mongering, but I'd also be pro-active. No one thought CS was going to go under the way it did until it happened - no harm in trying to lateral for FT if it still makes sense at that point. People will understand. We interviewed a few people who were trying to jump from CS SA -> my bank FT a couple years ago and no one gave anyone a hard time for it.
Some thoughts, don’t have an agenda. Would just say that the bank is strong in every product except M&A. The CS acquisition + some strong hires has done a lot. The M&A side is still a work in progress but the foundation is clearly there. H1 ‘25 league tables aren’t demonstrative because the markets for said non-M&A products was shut down for 3/6 months. Meanwhile, leadership is still backing the backing the buildout with regularly announced hires, in contrast to other BB banks that are shrinking. I will leave it at that.
UBS IB business is quite literally down the drain… unlike most peers who are up YoY if you look at actual revenues generated. Most US banks have clearly seen an uplift in M&A activity in Q2.
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