Recently interviewed to join UBS healthcare. Hear deal flow is very bad, and the group has 17 analysts and close to 30 associates. Culture is also very sexist / racist. Thoughts?
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The analyst to associate ratio is probably due to UBS promoting a lot of their analysts instead of them leaving for PE. Curious where you heard about the culture though lol
Aren’t analysts staying a result of poor exit opportunities because of the appalling lack of deal flow in a group that big? I work at UBS coverage and share floor with this group - Most of what op said is true from what I’ve heard
Considering most on-cycle recruiting happens before analysts hit the desk nowadays, I think has more to do with PE not hiring from UBS in the past / analyst preferences
Know of an alum senior there. Stayed clear of them after I heard of some interactions that my classmates had with him.
Know a few UBS bankers (in non HC groups) and can't think of many positive things to say about them.
Is this alum legacy CS or UBS?
Alum is UBS, not CS legacy.
Tech also very bad steer clear of them
Group has better WLB than most and has some fun people.
this group if they work on M&A is all really sub par sub 500m EV stuff. lots of stuff under 150mm EV which is embarrassing
some nice people but some REALLY neurotic people too
lose most pitches
only sector groups at M&A worth being in is GIG and FIG, HC and consumer/rell have terrible dealflow and TMT is a joke (see ongoing thread here).
If mediocrity had a place on league tables, UBS would top the list in every possible way at least in North America.
Speaking of HC group or for that matter any group, M&A deals are non-existent. Legacy CS had a few good deals / clients, but clients have slowly realised that the PF UBS is incompetent and have decided to either pullback or just delay their processes to find good advisors. All the good CS folks have left the bank - whats left could be seen as a retirement home for laid off bankers. For example - A HC VP told the PE client to expense the financing fee while walking through the LBO. Lolll! Glad the deal died or would have only generated negative returns for the PE firm. I have even heard about an HC x M&A deal team pulling late nights executing a $50mm EV for almost a year now.
I can go on for hours, but have to cut it short as its past UBS juniors’ bed time and cant keep them up late else I will be flagged for being inconsiderate with juniors that will impact my ZERO bonus for the year.
Jokes aside, If i were you, I will take the UBS offer (if you are dedicated to pursue banking and have no other offers), learn as much as possible by making mistakes (treat UBS like a net practice), work on your physical and mental health (gym is free in office), go on dates and find a partner (easier to find as an investment banker having a 9-5 job), while constantly networking with the other banks, and then get laid off (they pay very good severance ~3-4months + vacation days + 401k vested that easily pays off for your ski / summer trips + a Rolex / Panerai).
You will find a banking job eventually - if not other banks, then Santander definitely will welcome you with a guaranteed bonus.
Hope my two cents were helpful!
Can confirm
OP probably interviewing for a director+ job?
Sounds no fun
Why did the mods censor the earlier post…
Sup bae
There was something about having to flirt your way to the top and improper relations claims
Legacy CS HC here, left before the merger. Absolutely reconsider.
Bump
Bad group for deal flow, a great group for culture and WLB. Might be the rare kind of group where people stay for culture and don't recruit for PE. Everyone Ik in the group is pretty happy there in part due to the great WLB. Deal flow is all MM stuff, with no large cap. A decent number of hires and more pitching now as the new MDs want to win deals much more so than the old team did, but still relatively good work-life balance and culture are intact as the only deals that get won are MM(and interestingly enough some LMM things that are sub like 250MM EV alongside the more traditional MM stuff). The number of M&A mandates won has increased, but the mandates are so small that it's not really notable in terms of actually seeing increased deal flow. Would highlight some neurotic people but they are decently easy to avoid and the vast majority in the group are great people.
You really think those analyst wouldn’t take a PE job if offered to them? Don’t think they’re staying for culture especially if you read the earlier post that was censored
LOL at this comment: "if you read the earlier post that was censored ". uhhh, how?
You sound like an idiot with an axe to grind. Go away.
What type of WLB are you talking about? I sit on the same floor as this group and see people coming in on Fridays and weekends. Is working 100 hours a week considered WLB? Also not convinced that analysts are staying for the group culture.
Whats the last major deal this team worked on?
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