How’s everyone vibing with the new UBS or rather CS/Barclays culture? My team has zero UBS seniors left, and I’m not feeling this new vibe at all. Favoritism, no integrity, misogynistic comments, gossip, people getting punished for taking vacations, wtf. UBS used to be known for a better culture, but now, why would anyone join? The deal flow hasn’t changed, but now it’s also a cultural shit show. Anyone else feeling the same?
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What are the CS people like? Why are they firing more UBS people?
Most firings are ex-CS people at the junior level, but ex-UBS people at the senior level. The vast majority of the UBS senior firings are people who have essentially never brought in deals and the rest are people who cover sectors/companies that UBS just hired a more senior MD from Barclays/CS in(a lot of ex-Lehman dudes who were rainmakers at Barclays had the people sharing their coverage be fired for example). I wouldn't be too worried as a junior UBS analyst as analysts are always last to be fired, the vast majority of analysts getting the sack at least so far are bottom-bucket UBS ones, and sadly a lot of the bottom/mid-bucket CS ones. I am using the vast majority here because there have been a few exceptions here and there, but what I said is the general trend in the firings.
Depends on the group. To be brutally honest, the groups where UBS was weakest are where the big cuts are happening, teams like Tech/HC haven't been strong for quite a while and also had the most # of people come in so biggest cuts. Groups like LevFin/Sponsors, who have historically carried UBS and have historically been strong, remain mostly run by UBS seniors with the new Barclays/CS seniors serving as supplements. Also, I think it's wrong to say those groups haven't had more deal flow, there are more deals in the pipeline though I will concede not every industry group with senior hires has seen the uptick. The sponsors/LevFin team remains fairly busy and it seems some of the industry groups have gotten more busy.
On the culture point, I absolutely agree: the new CS/Barclays folks have been negative about the culture and the old UBS culture seems dead. The culture was a huge part of the selling point of UBS and it's very tragic that culture has completely backslid. I think it now makes no sense to stay at UBS for more than 2 years before exiting into the buy-side given where the culture is, how low bonuses are, and the supposed expected layoffs incoming even if those layoffs are targetted towards the ex-CS people.
How has the culture changed? Came in from CS and it feels like everyone is trying to get along, but it’s hard to say because I didn’t know UBS before. Genuinely curious on this.
UBS was chill, no fri late night to sun work. The CS slaves work all the time and expect everyone to be on all weekend all holidays
Based on my experience with the CS seniors in my team, they are quite bad at giving guidance and scapegoat the associates. Whenever I'm working with an ED or MD, they have no clue how to explain what they want. The VPs are just in a constant one-sided convo with them, no response at all. You also have to suck up and pretend to be their best friend. Plus, they gossip about the juniors and make inappropriate comments. They have their favorites from Credit Suisse and don't really want to work with UBS people. Some even straight up lie. The COO in my team told two people they wouldn't be laid off, and they were laid off that same week.
The juniors are more or less okay, but there's way less effort in teamwork. It's pretty much an "every man for himself" vibe.
Is Barclays known for having a bad culture?
Not all of Barclays I am sure, but the ex-Lehman people, yes. Coincidentally those are the ones who are the main rainmakers for the firm, some of who moved over to UBS, and thus all the bitching that is happening internally by UBS people.
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