News is going around. Anyone have details?
Bank reported they need to bake in like 16bn in cost savings this year, and head of UBS is insistent IB is profitable in Q1.
Have not seen deal flow pick up this Qtr too......
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Do you work there?
Have heard from multiple sources, its gonna be big
damn. thats not good
DELETE
Heard they are hiring 100 PPL FOR THEIR SA CLASS which is counter intuitive
because 2nd year analysts leave (or they simply dont promote them). much cheaper to bring on a new group of first years to replace the analysts that are trying to stick around for a a/a slot
also wouldnt put it past UBS at this point to simply fire a phuck ton of new 2nd year analysts to be replaced by cheaper new first year (100 x 25k base salary x lets say another 25 in lower bonuses and thats several millions in savings)
That's a lot more than usual for them, highly doubt it's that much. It would be nice for the folks recruiting this year though.
Lol and all the February deferreds just started also
Following
I think so too. Plus probably a lot of back office cuts. I don't see them keeping the old Raleigh CS back office team when UBS has Weehawken and Nashville.
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No hard info but it would seem odd to go to the effort of onboarding them just to cut them. They're in their training now with TTS and usual FINRA licenses
Why are they still trying to recruit more kids for IBD this summer (2024) almost a year after recruited ended?
I’m in process for said role, and I’m trying to figure out if I get the offer I should take it over a very solid MM, bc of this risk of return offer.
I would take the MM personally - leverage that to upgrade for FT if you want to, but it's not usually fun to be at banks with lots of drama swirling around when your prospects are highly dependent on getting that return offer.
Thank you, while I don’t have offer yet, I’ve been struggling a lot with this potential decision as I don’t want to be in a position to have to rerecruit after the summer, especially in this market
as someone at UBS, be VERY wary of coming here. the MDs and seniors you build a relationship with this summer might be laid off before you come back
many associates and VPs are actively trying to leave due to the bonuses and merger related politics
theres a chance the swiss straight up do something drastic with the US IB too if the revenue and profitability dont improve (they need to bake in 16bn in cost cutting). UBS is very much a wealth management bank first and they will not let a UBS IB with a dying CS brand take down the benefits gained in all the new money the merger brought into the WM biz.
if you dont have other compelling options then its a great place to start sure (especially in this market), but if you have a legit MM firm offer I'd consider long and hard how much risk and uncertainty you are willing to take on.
Imo banks always want to have a relatively high amount of summer interns because 1) they are cheap 2) it's flexible in the sense that if UBS experiences unusual high attrition coupled with increased deal volume they can offer FT accordingly. In the opposite scenario they can simply extend a low amount of return offers and blame the market conditions
As a first year analyst should I be worried?
Realistically you’re safe given you are the cheapest
Any updates on this? Have only heard rumors of late February/early March. Can anyone confirm?
Hearing mid march
anymore insight into who will be affected? First year associates bloated
Any update on timing?
Havent heard anything recently. Anyone with news?
Bump
Bump
Looking like fear is overblown or they are doing layoffs significantly later. Have been hearing of major layoffs since Jan, but it's mostly just been a small number of layoffs for underperforming seniors in overstaffed groups. Not sure if I am just speaking too soon though.
Fixed income is especially bad atm. It use to be that the US side didn’t make any money and the European side would pick up the slack, P&L would then be more or less flat come Q4, nowadays no longer the case as flows have come to a stand still while everyone waits for fed to pivot or data points indications recession on the horizon. Real money all sitting on the sidelines.
Rates in Aus has started the year very well
Bump
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