Mass exodus at UBS, when will it end?
I keep hearing about more and more people leaving the firm. Do they know something I don’t? When will it end…
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Three people have left my group in the last week! What is going on
TMT?
Spill
Are there actually layoffs next week like that other post mentioned (based on efinancialcareers)?
We have lost so many people, cant afford to RIF anyone else if we want to actually execute well
The problem is that a lot of groups aren't executing on anything. Once LevFin markets went cold and as original tarrifs got announced, UBS USA as a whole went cold as well. Would expect RIF's in the bottom performing groups, it's been over a year with no deal flow despite a ton of juniors + seniors. The people leaving just saw the writing on the wall; tons of low bonuses as a sign.
Ya’ll don’t execute well anyways, keep rif-ing
I think people here don't understand what actually makes a IB franchise... useless seniors and a bunch of juniors leaving do not actually materially hurt the franchise (Ik a decent # of the key rainmakers at UBS... all of them are on fat guartneed bonuses and haven't/won't leave anytime soon), it is probably overall a positive because it means more bonuses for the juniors still left + productive seniors. Most of the attrition has been low performers who got crappy bonuses (made even worse by the fact other people got effectively street bonuses) + MD's who haven't had deal flow since being brought in.
This is not to say the UBS US franchise is okay, but moreso that these people leaving simply do not hurt the franchise. I do expect actual RIF's of the people who got bottom bucket bonuses though, think the business is going through another revamp in the underperforming groups and the first ones to be RIF'd are going to. be those underperforming.
Correct. The only people that are actually important to the IB franchise are i) the top producing MDs and ii) to a much lesser extent, good senior associates and VPs who know how to execute. Everyone else is a commodity.
Yes, you need a critical mass of juniors and mid levels to execute the work, and you need enough senior bankers to have coverage over all the subsectors. But the problem with UBS and most of the BBs is that they’re too bloated, so if a bunch of people leave they still have (in their view) enough resources to cover what they need.
Are there RIFs next week?? Worried about myself after a bad review last year
if you get a single 'bad' review as a junior banker, that's 100% them signalling you should leave so hopefully you've already been networking
If you got a bad review you should be looking for a new job no matter what bank you are in, but especially if you are in a bank that is underperforming in most groups (one of which I assume you are apart of just due to pure statistical probability) and has publically said they'd cut costs. Might sound mean, but a valuable lesson for the future.
when will it end robbie? when will it end?
When bro culture surpasses performance evaluations, it is no longer a bussiness and more of a fraternity
Loading new wave of departures
Yep, a senior rainmaker FSG MD just quit today who was the sole reason for a substantial amount of revenue generation. We actually are cooked now.
Theres no way we will recover in the 2025-2026 timeframe.
Where he going?
Who is leaving? Didn't hear about this
Fake news? What are the initials of the banker
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