Noticeable evolution for Ubs since taking CS?
Apologies for the vague question, just wanted to get your insight into how UBS's banking business has evolved since taking in CS?
I guess it will be very beneficial in the long term but unsure on what have you guys have noticed from the acquisition?
From the AM perspective, I haven't personally seen much impact, although I don't have much exposure to them.
They are still THE wealth manager and only rumour I heard was that, funnily enough, they lost a bit of their wealth management business due to clients looking to diversify
Ill bite
We have too many junior people and not enough mds or deals
More hardo CS bankers mixing with the more laid back UBS people
A bunch of barclays people are now in charge(also coming from subpar culture)
Stock price is ripping
New cafeteria is fire
Firm is now shooting for big whales(more pitching than ever).
I guess the new cafeteria makes it for everything else
Damn you, that cafeteria (the building in general) was one of the many best part's about my internship.
Prior post is basically correct.
Barely any CS MDs left so no material impact to UBS
The Barclays folks hired that basically run the US IB, Tech, M&T and M&A are for the most part well liked I would say.
Didn’t UBS announce the big Aon deal this week?
yes was a legacy CS deal team though
Was an intern at CS London. Essentially all the top performing people from juniors to seniors have been poached by other banks. For instance PJT took on a bunch of guys from C&R, DB hired many great MDs. UBS was very vocal in the press during the acquisition process about reducing the pro forma size of the IBD so the uncertainty regarding the integration led to only the bottom performers staying
In terms of culture, at least in London, my perception is CS was very work hard party hard with a lot of energy on the floor. UBS on the other hand is more professional, headphones on.
Heard no promotions till late in year
wut? in what way..associate 3s arent becoming Vps (directors) in march like normal?
What is happening to people in the capital release / non-core unit?
I think it is a great time for CS secondment. They are getting the red carpet treatment. CS Ds getting automatically mapped to ED and VPs to D. They are basically shafting tons of UBS people who have been waiting years for basic promotion. The CS people also don't know proverbial 'arse from their elbow' in terms of heavy UBS processes. Management will basically overload knowledgeable UBS folks with work bc they know CS folks are clueless. I heard from one group that they are not promoting any analyst because oversight in promotion process (oops..pure BS). The job market is horrendous for MO/BO technology team. I would absolutely stay away from UBS groups like finance IT, risk IT and group compliance IT. Unstable management, burnt out employees, outsourced too much to India vendors and no raises/7% bonus garbage. IT is basically slave and own IT management back business constantly. No product vision or management at all. There is no WLB at all. 12-16 hours/days supporting Swiss/UK/India times zones. Terrible stakeholders in risk and compliance business areas. Nightmare.
I’ve heard this from a few folks. What do you think is driving it? From an outside view it looks like behind the scenes pressure from the Swiss government so they can make show out of “see!? No mass layoffs!” BS to their public but the net result is CS employees getting treated better than longtime UBS folks, with UBS clutch staff literally being pushed aside or in a few cases even losing control of their group to clueless CS gunners that aren’t going to last. 2025 I expect the axe to fall heavy on many from CS assuming the few good UBS staff don’t jump ship for greener pastures.
Your thoughts on why management would take such an incompetent approach?
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