J.P. Morgan and now UBS? What exactly is the state of investment banking...
Bloomberg and a couple of other news outlets posted an article on UBS potentially cutting hundreds of jobs:
https://advisorhub.com/ubs-mulls-investment-bank-…
JPM rumored to be halting FT recruiting while cutting back on FT return offers:
https://dealbreaker.com/2019/08/jpm-not-offering-…
There's an argument to be made that these two stories are independent of one another - UBS hasn't necessarily been the best performer in the last 2-3 years, especially in my region. The chaos at the top definitely shares the blame, but JPM has recently cut back on FT offers for both associates and analysts. Although it's just a rumor, I've gotten the chance to talk to some counterparts at the firm, and they mentioned that the return percentage was apparently the lowest it's been in a decade. What exactly is the state of investment banking right now, both in NY and Houston (for my sake). DB has exited O&G, and they've experienced severe drawbacks, although not necessarily in IBD. Other firms have forecasted recessions, either cutting down on group sizes or beefing up counter-cyclical groups like restructuring.
