Report: UBS set to fire many MDs, Promote EDs
Good luck to the underperformers
https://www.efinancialcareers.com/news/ubs-mds-le…
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I am expecting firings as well, but MD firings are virtually useless for the current state of UBS as many are on guaranteed bonuses for 2025. A lot of legacy UBS MDs are gone, and the ones that are here are ones with strong enough relationships and are rainmakers running a group to where firing them would tank the bank, which isn't good for the bank since the goal isn't just cost cutting but also making profits. What will realistically happen is that those who have underperformed on guaranteed bonuses from 2024-2025 will not be extended, which will lead to a lot of overall cost-cutting. EDs are indeed being groomed by a lot of the senior leadership like the multitude of vice-chairmen who are still at UBS and are looking to retire but have stayed primarily to ease this transition.
Also, the IB will benefit massively from increased integration of tech and other support functions, expect even more cost-cutting and firings there. UBS is still both internally and externally positioning itself to grow significantly in the Americas and Asia, would expect the bank to be more aggressive not less. This whole article is just a journalist speculating on cost-cutting strategies based on a publicly stated goal without any familiarity with what the situation looks like internally. The very fact UBS has given out so many guaranteed bonuses in the Americas to seniors is proof that the bank is not looking to shrink senior presence but drastically increase it. Look at the facts to decide how things will shape out, not just pure speculation. UBS is actively looking to hire VP's and above across various groups at this very moment in the America's, that's not a sign of a bank looking to shrink down America's IB, but one that is looking to grow. Again, not even MD hire so far has been successful with some groups doing much better with new hires and other groups not, but unfair to say UBS as a whole hasn't been bringing in new people since the merger.
You are such full of shit and a UBS apologist. Vice chairman are not staying for the good of the firm they are all being pushed out. Their revenue shows cost cutting not working.
Saying all expenses are IT, nothing to see here is misleading.
I am doing the opposite of UBS's apologist. I admitted that A) the bank is struggling, and many of the MD hires haven't worked out, and B) I expect firings. None of those things are things that the UBS leadership would ever agree with. I also never said all expenses are IT, and gave various other things that I believe will be used to lower expenses including firings and no more guaranteed bonuses. Furthermore, a lot of the vice chairmen at the banks run some of UBS's most profitable fees, and although some are being pushed out many are just former senior leaders in the 70s who are passing down their relationships. Lastly, revenue is not related to cost-cutting, they are two opposite sides of the coin. In short, please actually read what people senior to you say before commenting as if you know more than everyone else.
Do not let your hate or your own experience, probably in the tech group given how bitter you sound, blind you from the reality of the state of the bank.
I know a certain MD who should be pretty high on that list
Agreed lol
Yeah hes not only imfamously bad, but ineffective and lashes out against juniors
I'd argue a certain MD is much worse and causing a lot more junior burnout.
Unironically think this MD has improved - even if marginally
I’d argue they both have 1 thing in common, lots of work and no deals.
He has mellowed out a little, maybe he stopped trying since he might be leaving in a month or two
Imagine being burnt out on no deals, couldn’t be me
Yeah he’s such a hardo he was already working with UBS juniors before his official start date
I once again ask how do any of the tech MDs have a job. I am pretty sure they have brought in no fees on their own, not even new LevFin lead wins. The only activity is either the ECM team bringing stuff in or financings where the firm was already in the credit. They cannot win ECM leads or financing leads, let alone M&A. What is actually happening in this group?
We are plenty busy but it’s all market updates or intros. A lot of “look at me Louie” type stuff with complex analysis and long regurgitated research reports
That article is pure speculation.
Well MDs at failing firms usually get the axe
I speculate you work at UBS with that attitude
Most of the MDs at the firm are worthless so that checks out
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