Well this is pretty bad. Via DB..
Over 30 IBD analysts cut at UBS in New York today. 2 days before bonus announcements…
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Worse than a kick to the jewels. That really sucks
Awful for those guys.
yikes
UBS..... why am I not surprised. UBS just struck a new low.
Any rumored idea of breakdown (1st, 2nd, 3rd year analysts)?
Analysts in their two-year programs should not even be considered for layoffs, and usually aren't (aside from the usual bottom 5% which shouldn't be there in the first place and either quits early or gets fired at year-end).
UBS selected these kids as capable enough to do the job well -- there's no way that 30 of them all underperformed. The kids commit for two years; the bank commits for two years (except if the 5% rule applies). Talking about ruining someone's career start; I hope this kind of news makes its way to college campuses during recruiting season.
Bulge bracket banking has been losing a lot of its appeal through such reckless hiring and firing, and now at the analyst level. I've seen more and more college seniors taking Fortune 500 jobs instead of top bulge bracket bank's offers. Perhaps it's for the best after all.
lol.
Judging by some of the kids from my school who are now going to UBS...
So naive. This has been a normal occurrence for the past 4 years. Welcome to banking, nobody goes into this industry for the job security. Everyone is expendable.
Laying off analysts? Sure, it's happened with way more frequency than ever the past few years. But canning 30 in one office alone 2 days before bonus #s? That's pretty BS.
Heard severance packages weren't much worse than bonuses would've been, though. But they're also out of a job.
"Naive"? "Welcome to banking?" I've gone through three rounds of firings at a BB bank from 2007 to 2010 (while successfully making it through and exited to the buyside). And of course this has been a normal occurrence (I was there), thanks to retarded HR leadership, incapable of accurately forecasting hiring needs. I'm not saying no analyst was ever fired. I'm saying those who got fired were the ones with negative attitudes; those who sucked (to an extent), but tried, were given corresponding bonuses and either left as a result or stayed until the end of their 2nd year without promotion. Goes back to my point: I don't believe 30 kids at UBS all had negative attitudes that justified firing.
Here comes the MS from that guy at Barclays/UBS!
All first year analysts (just finished 1st year) from what I heard, across several groups. Don't think it was 30 though- more like 15-20 total. Sucks anyway.
Stick to the elite boutiques.
How many of those analysts would have kept their jobs just by firing 1 VP.....
agree...especially those VPs who cannot bring in any business.
you assume there are VP's left to fire.
And not really the VP's job to bring in business, directly.
thought UBS bonus was the da you get laid off
At least give credit to the guy who left that comment on the article. Plagiarism is not cool.
Bullshit bank, if it weren't for the Swiss govt....
Feels bad
Update: more fail today.
“UBS is delaying return offers to summer analysts from August 10th to mid-September, probably to assess how severe layoffs will be.”
http://dealbreaker.com/2012/07/hiring-watch-12-ubs/
This entire industry is unfair but shit happens. There is no such thing as company loyalty. The last 3 years have taught me is to always touch base with at least 2 headhunters every 4 months (to see what's available and to maintain a relationship), never leave stuff you own in the office (never know when it's canning day) and that everyone is expendable no matter how junior you are (you cost the firm roughly 180-200k a year per head as a first year).
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