UBS ADDRESSING GS SURVEY..RIDICULOUS

Did any analysts just listen to the junior banker committee from UBS and how they're going to address work-life balance? It was ridiculous for a number of reasons, and I'm honestly somewhat offended.

  1. They had MDs talk about how they unplugged from work by swimming etc, encouraging juniors to just log off and do the same. Like an associate would not be up to our ass and screaming if we didn't answer the phone because of exercise?

  2. They congratulated themselves and said they were ahead of the market because they gave us a meal stipend. Like that's not the bare minimum to do.

  3. They said they're all ears and happy to help, sorry about the deal flow and ridiculous hours but offered 0 solution or policy changes. Excuse me?

  4. They shaded the analysts and said they cared about us (juniors) from the very start because they gave us a stipend and didn't need a survey to force them to do this... like yeah, but there are still so few analysts across most groups compared to seniors, associates are being worked to the bone and lashing out at juniors, 110+ hour weeks, etc. either make a real change or don't, don't fucking pretend you're amazing and that we should be lucky to be tested so well. Anyone else feels the same?? I'm pissed. Plus, no fucking AirPods or iPads or pelotons.. 

Comments (160)

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 4:17pm

Yeah, it was super insensitive and came off as preachy. Their suggestions only applied to MDs and seniors, not sure how they missed the mark on that... I call bear 

Most Helpful
  • Analyst 2 in IB - Cov
Mar 23, 2021 - 4:37pm

DUDE, I actually took notes during the town hall because I was so upset at what I was hearing:

-Senior mgmt goes on about how much they miss the office (lol)

-Senior MDs remark how personal and work boundaries are blurred so they have started to really set some time each day to refresh themselves mentally and step away from the job (good job guys!)  ("Its great to step out, go for a run, go on walk, read a book etc, really glad I started setting boundaries to do this!").    Yeah, so heroic to set boundaries to YOUR SUBORDINATE staff from your ivory tower to step away and read a book.  Do you think the analyst feels as empowered to set boundaries towards you?

- MD remarks how "We all want to be back together!"   LOL

-MD remarks they "miss walking the floor and seeing people in seats"  (this isn't a joke)

-"Saturday no work policy can be adjusted so people can split the work between Sunday and Saturday so its not just a free Saturday and a horribly busy Sunday"  (THIS ISNT A MOTHER FING PERK)

-"Really trying hard to give you guys 1-2 hours a day to step away and have personal time"  (Imagine telling someone at google they can have at most 1-2 hours of free time between 9am and midnight)

-Then worst of all, a question is asked to senior management: "How are you spending the 2 hours of personal time a day now that the weather is nice?"     Maybe you should have asked a first year analyst that.....their answer would be quite different since they barely have time to take a shower each day.

Really disappointed.  And I thought UBS had great culture before the pandemic too.  Everyone I know is doing 90 to 110 hr weeks and is on the verge of a mental breakdown now.

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 5:32pm

Same, and to think our staffer chased us to watch this like it would do something or give clarity about WLB and returning to the office .. please 

Mar 24, 2021 - 2:35am
Kevin25, what's your opinion? Comment below:

you can sacrifice 6-10 years of your life and then be in a position of your seniors and enjoy life. or you can switch to a better WLB place and enjoy your life right now but on a budget (still make $100-150k now and growing).

  • Analyst 2 in S&T - Other
Mar 24, 2021 - 8:07am

There is a difference between sacrificing WLB to further your career and completely destroying our mental and physical health for the sake of producing meaningless work 

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Mar 24, 2021 - 8:23pm
Business-Weekly, what's your opinion? Comment below:

There's a pretty good fucking chance we are sacrificing more of our life with these habits which definitely lower our life expectancy. Unhealthy eating habits, low physical exercise, high stress, low sleep. That's 4 things that are inducive of an early death and it honestly worries me sometimes.

Mar 25, 2021 - 11:50am
jboog, what's your opinion? Comment below:

It's not an either or. 

Plenty of people went to tech rather than IB or consulting over the past ten years, many of them had a better WLB, and due to equity many even outperformed bankers in total comp. 

It's not clear to me at all that you're better off "sacrificing" your life for 6-10 years and you'll be better off in IB than you would have been just going to tech, actually being able to enjoy your life, and potentially make the same or even more money due to equity. 

I'm not here saying tech is superior to banking or consulting or whatever there are many arguments you could make either way. Just pointing out it's not as black/white as you say. 

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Apr 17, 2021 - 12:18pm
lmr12, what's your opinion? Comment below:

you are all a bunch of cry baby's.  You make far more money than you are worth and if you're so unhappy, go do something else with your careers/life.

Mar 25, 2021 - 11:48am
CCI2, what's your opinion? Comment below:

Then how come a girl I know who's doing IB at UBS has time to go on hikes, go skiing, and fly to Miami ??

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 5:31pm

I was screaminngggggg about this someone get this shit to litquidity ... it was laughable 

  • Analyst 2 in IB - Cov
Mar 23, 2021 - 6:05pm

Also forgot to mention

"We are reviewing our newly launched staffing excel sheets (where we report hours worked during the week) like a detailed LBO even"

then why am I getting staffed on new pitches when I report 90-105hr weeks on it?  these staffing sheets do nothing other than tell mgmt people are getting blasted to death

Im just as jaded and angry as these GS analysts are.  I didn't sign up expecting 9 to 5, but I did not sign up for this.  Really hope someone sends this to Litquidity and the news reports but I doubt it will since most Americans don't even know what UBS is.   Already actively trying to leave this bank.

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 7:14pm

Didn't even know we had any new sort of staffing sheet - also can we talk about how nobody told us we have vacation expiring March 31? I learned this YESTERDAY, convenient how group heads and staffers didn't mention right? But Ros and others on the call said we should take vacation? Hahaha ... 

  • Associate 1 in IB - Restr
Mar 23, 2021 - 6:32pm

The virtue signaling and bullshit corporate preaching at the bulge brackets has gotten to a point where it is straight up degrading. "We PASSIONATELY CARE about our ANALYSTS and ASIANS and BLM and COVID and MENTAL HEALTH!!! We are announcing this PUBLICLY so we don't look BAD and it is a SMART PR MOVE because BLOOMBERG will write a BROWN-NOSING article about us now!!!"

Of course, nothing will change. Things will go on as normal. Not a single fucking thing has improved - in any capacity - despite weekly HR emails telling us that they care.  It's sad because I remember way back when, I was legitimately excited for this job. I am so jaded by my experience working at a BB. If any prospect or intern is reading this, please, do yourself a favor and go to a boutique or better yet, save yourself the misery and don't do banking at all.  

  • Associate 1 in PE - LBOs
Mar 24, 2021 - 5:22pm

If you're legitimately open to working at a boutique (not EB like Evercore or Lazard), it can be way more manageable WLB. I did a bulge bracket internship and hated it. Went to a regional boutique in Chicago - not Blair or Baird, one nobody here would recognize or give a shit about - and had a good experience. Good/normal weeks were 60-65 hrs, bad 70, the worst 80+. Never worked 100 in four years. 

I was still able to leave for a middle market private equity job when I wanted to. Good luck!

  • Analyst 2 in CorpStrat
Mar 24, 2021 - 12:15pm

If you could have done it over, what would you have done? Can you at least not appreciate how IB creates optionality for you that other careers do not? 

I look to apply to jobs on LinkedIn and I am not qualified for over 90% of them because I haven't gone through the rigor of financial modeling, etc. in investment banking - instead I just advise on strategy and program management. Difficult to find a promotion lateral through that.

  • Analyst 2 in S&T - Other
Mar 23, 2021 - 6:36pm

Fuck the banks. At this point I would rather be told "this is what you signed up for" than "we care about you" for the 1000th time. 

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  • Analyst 1 in IB - Gen
Mar 23, 2021 - 6:51pm

They need to realize how insensitive that was. Basically gaslighting analysts and juniors by being like "hey why don't you fully unplug for a few hours a day like us MDs do?" Un, maybe because I would be fired? I would have associates ripping me apart? What kind of shitty town hall meeting was that. Made me feel worse... they also said everything was "cyclical" and that we would get a break if we just waited it out. Huh??? 

  • Analyst 2 in IB - Cov
Mar 23, 2021 - 7:15pm

exactly man.

Like when you drop a comment on a deck and say "can we add in another merger sensitivity...maybe for another company as well?  I'd like to see by this evening thanks" at 4pm......guess what....I have zero ability to take a few hours off now to go swimming since your task you gave me will take 4-5 hrs minimum and around 9pm you will email "where the pages, would like to review before I sleep..tx"

so out of touch

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 7:15pm

Wtf, submitting a sc of that stupid call to litquidity right away. Hope u guys can do the same so people take notice.

Mar 24, 2021 - 12:59am
elmadrileño, what's your opinion? Comment below:

There are two ways that will go: they either ensure all who go on strike never work in the street again (or anything finance related) or they come up with a new policy where you work 9-5 but make half while keeping senior salaries the same (which will cause people to work just as much to be promoted).

And to add to this the news will have a field day talking about "greedy bankers going on strike despite making $100k+ at 22 while x% of Americans make mínimum wage"

lose lose lose situation

Mar 28, 2021 - 2:32am
opengloves, what's your opinion? Comment below:

Exactly. Also it's pretty much the understanding that bankers get paid insane salary because it's to reward them for putting in gruelling hours. Want to work normal hours? Get paid as much as the corp banking / consumer banking freshies then. Can't have your cake and eat it. 

Mar 28, 2021 - 2:30am
opengloves, what's your opinion? Comment below:

Sadly the fact is they get paid almost 5 figures a month so if they quit, there's no shortage of takers. Most youths everywhere don't earn nearly as much as IB analysts despite equally grueling hours (see: auditors, healthcare workers...). In my country, the starting pay is 2-3k per month with shitty hours (thanks Asian work culture) and IBs get paid 3x of that. 

Apr 2, 2021 - 2:07pm
Konkey-Dong, what's your opinion? Comment below:

the power comes from the prospects of lower levels joining a union.  it would need to start in public finance around infrastructure - biden folks are giving everything to unions.  biden build america bond issuance comes up and election criteria includes company's action towards offering union vote of card check.

i am right to work and anti union but nothing scares unresponsive management/owners like a prospect of unionization - especially when the business model is built on > 40 hours of work.

  • Analyst 1 in IB - Gen
Mar 23, 2021 - 8:14pm

This was my 13th reason... anyways actively trying to quit as a first year in coverage. Everyone in my group is miserable and horrible ... this literally only made it worse. Byeeee

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 5:03pm

Did they give any estimate of when juniors would start returning to the office?

Mar 23, 2021 - 9:52pm
MaroonAndGold, what's your opinion? Comment below:

I'm laughing my ass off and shaking my head all at the same time. A few thoughts as someone who worked in a coverage group at UBS for 2+ years and left.

First off, if you're thinking about it, GET OUT ASAP. I'm serious. The grass is definitely greener. I jumped to a larger, more prestigious shop and I can tell you it's so much better. The MDs are smarter and better connected, the deals are more interesting and the people are kinder. Seriously. If your gut is telling you to leave, trust it. The market right now is crazy hot for junior talent and all you have to do is talk to a couple headhunters. It's that easy!!

I can't tell you how many hours I spent cranking on decks and tracking sheets trying like crazy to get a client to hopefully take a meeting. Literally whole days of my life. Where I'm at now, the MD texts that same client we have a call within 24 hours and we get the mandate. My old MD is probably still trying to figure out how to get a call, has a junior team staying up all night working on a deck (burning them out) and meanwhile we've already signed the EL. 

I can also tell you from first hand experience the MDs at UBS do not give two shits about you. They care about themselves completely and really couldn't give a fuck about your mental health. MDs I thought I could trust or who I thought were the "good guys" will stab you in the back or throw you under the bus in a heartbeat. UBS is rife with office politics from the top down and everyone was just looking out for their own best interest, not your own. The junior banking committee was a sham and window dressing so the group heads could feel good and point to something on paper that they were "making a difference".

At the end of the day, banking is hard but it doesn't have to be brutal. Go somewhere that actually cares for their employees where you can learn and aren't spinning your wheels all day in a losing uphill battle. 

  • Analyst 2 in IB - Cov
Mar 23, 2021 - 10:02pm

this is spicy

  • Analyst 1 in IB - Cov
Mar 23, 2021 - 9:55pm

What kind of nonsense was today's conference call, I am infuriated. Me and another former SA in my coverage group that I have become friends with since last summer are actively trying to recruit (NYC)

  • Analyst 2 in IB - Gen
Mar 23, 2021 - 10:24pm

Nothing like mediocre bonuses after the best year since 2012, and we don't even get a work laptop or comped for WFH expenses either while Jefferies can hand out Pelotons to every junior. 

But hey at least we get seamless like 80% of the banks on the street and can pay for terrible recruiting marketing materials! 

Mar 24, 2021 - 10:39am
Addinator, what's your opinion? Comment below:

It's 1 of 1 - buy my S/O had to get a personal laptop, and VPN in - and this was at a bank backed AM. Crazy frankly, but what do I know? 

  • Analyst 1 in Research - FI
Mar 23, 2021 - 10:42pm

just like moving from a job with good benefits to one with worse benefits and having everyone talk about how the company treats them well even though you know there are better options out there. Whats funnier is when other new people low key hint that their old work place also had better perks when they realize you haven't drank the koolaid either

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 12:14am

The FUNNIEST PART OF THIS is that these very same seniors have literally given me insane comments and turnaround times. They're the root cause of the problem and out here championing UBS culture like it's not complete shit!! Hilarious. WLB is literally at an all time low... being around other people in the office won't help us, Ros.

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 12:16am

How do I send this to UBS HR without sending it to HR... someone publish this shiz

  • Works at UBS AG
Mar 24, 2021 - 5:38am

Just another junior analyst at the firm confirming this is all true. Investment banking in general (no matter the bank) will continue to remain broken until the incentive structure is changed at the senior level. For those who are unaware, an MD's compensation at most banks is based 50% on deal execution and 50% on new business generation. In certain engagement letters across banking, I've also seen a bonus compensation clause built in that states that if the bank performs its duties (executes the deal) better or faster than the client expected, then the client has the option to pay the bank a few extra % points of the deal value (so couple million $ more). All of these things lead to MDs trying to sign as many deals as they can and take on as much new business as they can. This leads to the rest of the junior team getting completely crushed trying to keep up. On top of that, for those deals with the bonus comp clause, MDs will get even crazier trying to complete deliverables with insane turnaround times just to impress the client. As much as we juniors like to hate on MDs, the incentive structure forces even the nicest MDs to face intense pressure to perform (or in many cases, even keep their jobs), which leads to the current burnt-out state of junior investment bankers. Given MDs are generating millions of $ of revenue for the banks, you think it's really in the banks' best interest to fire an MD even if multiple analysts complain against him or her? Generating revenue is in their shareholders' interest not the mental health and wellness of their junior employees. 

One thing that wasn't mentioned was how terrible the junior banking committee's questions were too. The one that stood out the most was when someone inserted a women's history month and discrimination question into the mix. While I respect the question, this could have been asked during some women's history month town hall event rather than a discussion about how to make analysts' lives better. They also phrased their questions in such a way that they were asking the senior bankers to recommend how to maintain work-life balance, which is why the seniors ended up talking about how they decompress. What they should have done is directly asked what UBS will do to prevent juniors from going insane and pushed the seniors to actually provide actionable steps rather than let them get away with saying that the firm did really well and that they provided a meal stipend (which by the way, does not apply if you are living in a different city than your home office - at least in my group). The Junior banking committee very much is a figurehead group that was established to make it seem like juniors matter to the firm. They brand themselves as being the fighters for junior bankers' rights at the firm, but when the only thing they've done in the past two years is getting UBS to accept DoorDash as well as Seamless for meal deliveries, then something needs to change. 

Also, the staffing sheets are just a mandatory requirement where staffers must submit them weekly to some other group (I think HR or something), Many people are right in saying that no one checks these. My staffers have weekly meetings with the group in which we each take turns listing out our workstreams and time commitment. If the staffer were actually reviewing the staffing / time sheets, these meetings would be completely redundant. Also, as a final proof point, I know a couple analysts in my group who have been putting 168 total hours in their staffing sheets for the past month and no one has said anything. 

In the end, as many have said before me, we're all dispensable as juniors. So many people are leaving my group and they'll just hire one of the thousands of other people in the world who are either lateraling up, have been wanting to get into banking all their life and never could or the people who have never done investment banking in their lives but think analyst who quit investment banking as weak, when in reality, they're going to be in the same position after their first week in banking. 

  • Analyst 2 in IB - Cov
Mar 24, 2021 - 10:23am

Also, as a final proof point, I know a couple analysts in my group who have been putting 168 total hours in their staffing sheets for the past month and no one has said anything. 

bro, stop being weak. tired of this snowflake millenial/gen z workforce not willing to put in their time.  you make 5 times the average american, if its 168 hrs a week of working so be it.  no one is forcing you to do this job.

edit: this was a joke....

Mar 24, 2021 - 8:34pm
surcitycredit09, what's your opinion? Comment below:

Snowflake! Are you kidding me, stop complaining kid. Kids are getting soft these days. Back in my day, you'd walk out crying day1

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Mar 24, 2021 - 11:05am
Anonymous Monkey, what's your opinion? Comment below:

This sounds excruciatingly brutal - I would have lost it on that call, as well. My firm just had a similar call that was actually quite encouraging, including policy change to further protect Saturdays and encourage vacations.

Please PM me if you are interested in lateral opportunities (seriously)

Oh, and we have meal stipends :) (can't believe that's actually a differentiator) 

Mar 24, 2021 - 1:23pm
MaroonAndGold, what's your opinion? Comment below:

As I said in an earlier post, the grass is 100% greener on the other side. I lateraled out of UBS and haven't looked back since. I'm at a place where the pay is great, the Saturday policy is enforced, I work on larger, more interesting deals with MDs that I admire and am learning from, and people are actually collegial! Plus my shop doesn't nickel and dime me on expenses, reimbursements, technology, meal policies, etc. It's like a breath of fresh air compared to how things were over there. Truthfully I didn't see how bad it was until I went somewhere else and saw what a truly functioning platform looked like. 

The hiring market right now is on fire and I'm getting inbounds 3-4 times a day. You don't need to put up with their bullshit. If you're at all thinking UBS isn't for you, trust your gut. You won't regret it. 

Mar 24, 2021 - 2:53pm
Credit Swish, what's your opinion? Comment below:

Yet you have executives on LinkedIn posting about how "the work from home vacation is over". Vacation... the audacity. Comments under posts like that often feature boomers saying things like "being in the office is how business gets done!" as if your antiquated viewpoints don't signal to the world that you're unable to navigate technology well enough to remain productive. 

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 3:11pm

https://www.efinancialcareers.com/news/2021/03/ubs-analyst-townhall
 

we got an article about it boys. Pls spread so we can get our 20k like CS lol

  • Analyst 2 in IB - Cov
Mar 24, 2021 - 3:34pm

I forgot to add something from my previous post

There was this ridiculous part on the call where the Senior MD talked about how its been great to go on his daily runs etc to recharge

Then the group head MD was like "Haha, we always know when  xMD is out for a run...its like ongoing joke for us, we just plan around it" etc etc.   

WTF - imagine if an analyst tried to pull this sacred personal time to get his daily run in during working hours.

Couldn't believe what I was hearing (and I love running too, totally respect the MD for exercising, just couldn't believe they thought this was applicable to our level).

Maybe I heard the call wrong so please someone correct me if I misspoke, but it came across very out of touch to me.

  • Incoming Analyst in IB - Cov
Mar 24, 2021 - 4:29pm

Not sure why anyone is surprised by the poor questions that were asked by the committee, or the fact that MDs were given the floor to show how they decompress instead of letting analysts ask questions or voice concerns. I think they wanted to guide the conversation in a particular direction, because they knew taking analyst questions would have been a crap show for them. Had they given the analysts the floor, it would have put the MDs and firm management on the hot seat because these parties are well aware that the way things are run force the existing workplace conditions to remain. This way, nothing's really changed, but UBS can now say they've at least "addressed" the issue, allowing them to avoid any bad press and fend off complaints.

I agree with the poster from UBS who mentioned incentive structure as a key component to what's causing the rest of the dominos to fall the way they do. I don't expect prioritizing shareholders to change in order to create a more favorable incentive structure. The status quo prevails, and cash is still king.

Mar 24, 2021 - 5:49pm
ShowMeTheCapEx, what's your opinion? Comment below:

As an analyst currently in an opportunistic lateral process with UBS for early promote to ASO, I am no longer interested in joining this shitshow.

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 6:16pm

Terrier

You guys made it to Bloomberg. Congrats. Squeaky wheels gets the grease

UBS Considers Workplace Changes in U.S. After Staff Feedback

https://www.bloomberg.com/news/articles/2021-03-24/ubs-seeks-workplace-changes-in-america-after-staff-feedback?cmpid=BBD032421_CUS&utm_medium=email&utm_source=newsletter&utm_term=210324&utm_campaign=closeamericas&sref=zl4tsLdf

Can you sc the article... don't have Bloomberg

Mar 24, 2021 - 10:07pm
skomes, what's your opinion? Comment below:

The bank is seeking to improve its engagement in underrepresented communities following requests from staff, said Tom Naratil, co-head of wealth management at UBS globally. It plans to deepen efforts through initiatives such as the financial literacy program it currently conducts in low- to moderate-income communities, he said.

"You're seeing a higher percentage of our employee base that wants us to speak out on societal issues. And not only speak out on it, but act on it," Naratil said. "The overall trend is a generational one."

Staff have also indicated to the bank that they want more personal time and women in particular have sought greater flexibility to work from home, according to Naratil. The bank wants to respond with changes so it can help retain employees, he said.

"A majority would like to work remotely two to three days a week," Naratil said. "That doesn't seem very unreasonable. And if that could help people feel like they're doing a better job at balancing their lives, and make us a better employer, we're going to do that."

UBS is also releasing diversity numbers for the second year and increasing transparency by releasing year-over-year data on promotions, retention and hiring across ranks. And while numbers are still stark -- less than 4% of the workforce is Black and less than 40% are female -- they increased since 2019 at almost every level. Retention numbers specifically have improved at almost every rank -- except for financial advisers, where there are fewer women and minorities than a year ago.

  • Intern in IB - Cov
Mar 24, 2021 - 6:43pm

That's about diversity BS not the town hall or WLB during COVID

Mar 24, 2021 - 7:09pm
2rigged2fail, what's your opinion? Comment below:

not sure what everyone is complaining about 

a) this is such a 2021 peak wokeness issue "wE nEEd tO mAkE A dIffERenCE, NOW!!!!!!!!!". 

b) if they do reduce hours, you will get paid less.

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  • Analyst 1 in IB - Gen
Mar 24, 2021 - 7:56pm

CS just announced an extra $20k bonus and an increase in base pay, so they can afford it. Though, I think most would prefer the banks just hire more analysts, so we can get actual protected Saturdays plus being done with work by 12-1am.

Mar 25, 2021 - 1:57pm
2rigged2fail, what's your opinion? Comment below:

you miss the point. why pay one person 100k to work 100 hr weeks when you can pay two people 45k to work 50 hr weeks. 

  • Analyst 1 in IB - Cov
Mar 24, 2021 - 8:45pm

Disclaimer: I'm not in UBS nor another BB (so I don't have a horse in this race)

But don't you guys think this is like "hush money"? Instead of solving the root cause of this problem, the seniors are giving you a one-time payment that will be reminded to you everytime you start to complain again in the near future. Also, these dollars will come from somewhere, so there is a high possibility that this/next year's bonuses will be a tad lower to make up for this compensation. My 2 cents from a 1st year analyst also getting crushed (90 hr weeks) at a reputable MM (one that did not give its employees a Peloton).

  • Incoming Analyst in IB - Cov
Mar 25, 2021 - 3:09am

That's exactly what I think it is. Same thing for Jefferies and their Pelotons. The problem is, a lot of people on the CS thread are already appearing happy about the bonus as if it worked to quell their initial concerns.

People should be happy about the bonuses, but should realize the game the bank is playing here. $20K is nothing for them, especially one time. They want analysts to shut up and obey, and they are betting that this will deliver that.

Mar 25, 2021 - 6:41am
Flyerton99, what's your opinion? Comment below:

Damn, if 20k is so easy for the bank, why aren't more banks doing it then?

GS hasn't done it and they're the original one that got called out.

It speaks to the consideration at CS and Jefferies that, well, they're trying something at least.

Better than more useless lip service, like out of touch MDs at UBS are doing.

Mar 24, 2021 - 9:22pm
UFOinsider, what's your opinion? Comment below:

UBS SUCKS

- Dealbreaker

Get busy living
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  • Analyst 1 in IB - Gen
Mar 24, 2021 - 9:23pm

This is ridiculous... we need to make this more apparent and let UBS know how stupid their town hall was if we want to be compensated in some way like CS and Jeffries. Send this thread to as many A1s and associates as possible around UBS. Please!

  • Analyst 1 in IB - Gen
Mar 24, 2021 - 11:57pm

I'm currently in a lateral position for UBS and this whole thread has me scared as hell ngl. Would people on here actually recommend I pull myself from consideration?

Speak to vps or whoever you're talking to in the group you're looking to hire into about this and specifically mention what you've heard so then can address the issue head on.

Mar 25, 2021 - 3:18pm
SnappleApple, what's your opinion? Comment below:

I'm currently in a lateral position for UBS and this whole thread has me scared as hell ngl. Would people on here actually recommend I pull myself from consideration?

No. Every bank is dealing with this type of stuff right now.

  • Analyst 1 in IB - Gen
Mar 25, 2021 - 12:03am

This shit can't loose hype... what they said was dumb. Again, send to as many people internally as you guys can - the people or jdbc needs to actually know how we feel and give us some comp or something thx

  • Analyst 2 in IB - Gen
Mar 25, 2021 - 8:14am

I mean if our closest direct competitor in Credit Suisse can manage $20k, a salary bump, and casual attire when back in office then UBS surely can do a similar package...especially after the blowout year with "best numbers since 2012". 

  • Analyst 2 in IB - Gen
Mar 25, 2021 - 11:58am

Think it is very important to distinguish WLB and culture, they do not necessarily go hand in hand. 

  • Analyst 2 in IB - Cov
Mar 25, 2021 - 12:30pm

GIG and TMT have most deal flow and both had pretty good cultures before WFH. Lev Fin works hard but also a great culture 

Mar 25, 2021 - 11:27am
NickScarfo, what's your opinion? Comment below:

This might be an unpopular take, but I think that work-from-home is super overrated. Seems to encourage poor hygiene, isolates workers from the world, and makes it really easy to physically decompensate. There's something to be said for the mental health and physical benefits of getting up, getting shaved and dressed, and going to a physical office where you can mingle and learn from colleagues. Yes, work life and personal life are different spheres, but they often feed off each other.

Cultivating networks, getting feedback, and overall development as a productive human seems really hard when your whole career lives through Zoom lol.

  • Analyst 2 in IB - Cov
Mar 25, 2021 - 12:09pm

agree.  but 5 days a week in the office should be over.  If I have a couple years experience and want to be in the office 1-2 days a week I think its a fair offer now.

Mar 25, 2021 - 3:02pm
NickScarfo, what's your opinion? Comment below:

Yeah, for example, starting in the summer, I will be in the office 3 days a week with 2 remote days. Best of both worlds! I have the option to go 100% remote [and live anywhere], but I think I benefit from greater visibility and direct interaction with colleagues.

  • Analyst 1 in IB - Gen
Mar 25, 2021 - 1:32pm

all are fair points but it should be a personal choice for everyone involved from MD all the way down to Analysts

Mar 25, 2021 - 6:33pm
finch77, what's your opinion? Comment below:

sooo don't work for a BB is what you're saying? can you guys give tips for prospects? work for an EB, MM or boutiques?

Mar 25, 2021 - 8:15pm
IncomingIBDreject, what's your opinion? Comment below:

finch77

sooo don't work for a BB is what you're saying? can you guys give tips for prospects? work for an EB, MM or boutiques?

I think the lesson here is IB is IB and even in groups with "better" hours, when deal activity picks up life will become brutal. 

Array

Mar 27, 2021 - 4:33pm
finch77, what's your opinion? Comment below:

I already know how to code and I'm still learning (self-taught). I want to work for a firm like de shaw, two sigma, etc, but I wanted a more traditional approach. No better way than going through IB, correct? Learn as much as I can from the best, then leave and try to create something of my own. idc about how much they work me, as long as I can get to where I need to be. also, I would not enjoy all the travel consultants endure. 

  • Analyst 1 in IB-M&A
Mar 26, 2021 - 12:48am

For what its worth, have heard that Jefferies Houston started protected weekends and some form of guaranteed large bonuses for analysts to prevent turnover (this happened a couple of months back).

  • Analyst 2 in IB - Gen
Mar 29, 2021 - 2:53pm

Has anyone seen one of these new hires the seniors keep talking about? I only hear of AN numbers dropping...

  • Analyst 2 in IB - Cov
Mar 30, 2021 - 6:54pm

Guys, there's momentum in hiring new people!  Look at all the applicants.  Just hang in there a little longer, help is on the way.

UBS

  • Analyst 2 in IB - Gen
Mar 31, 2021 - 9:44am

So I know some of my group's seniors are aware of the thread, but has anyone heard of anything actually happening/changing? How can CS manage all those changes BEFORE a massive post like this blowing up while UBS sees this thread and thinks "eh, we are fine"? Like several commenters were considering lateraling and are now pulling out of process because of this...good luck making fees if the entire junior population has either left for another bank or outright quit. 

  • Analyst 1 in IB - Gen
Mar 31, 2021 - 10:20am

I'm trying to figure out a way to send this to my group - how do you know your seniors know about this? Mind dropping the general group (coverage, product or just name?) 

  • Prospect in IB-M&A
Mar 31, 2021 - 10:36am

Everyone at UBS banking is aware about this. People purposely choose to ignore or continue to give the same zero-effort response: "Resources are coming, we are working with senior management on this, here's another Town Hall on mental health, we are all working hard, thank you for the continued effort we are working on implementing new policies."

Given how everyone in this industry lacks the ability to think independently, too risk-averse to make any changes, or even comprehend what good leadership looks like, I doubt anything will substantially change.

  • Analyst 2 in IB - Gen
Mar 31, 2021 - 11:11am

I don't think UBS understands we don't have the prestige/reputation to justify the same working hours as GS/MS/EVR without improving juniors' lives at least a little bit. CS and Jefferies (two imo very comparable banks to UBS) both at least did something to show they cared and are willing to reach into their pockets. Seniors' bonuses were likely big last year and should be HUGE this year, but our bonuses will be lucky to change by more than 2%. Good luck retaining talent UBS

  • Analyst 2 in IB - Gen
Apr 20, 2021 - 9:23am

Honestly extremely disappointed not even a single policy change came after this. Everyone is well-aware of this forum. Seems like they are just kicking the can down the road until new hires come in to get slaughtered. Meanwhile even more first years have quit...

  • Analyst 1 in IB - Gen
Apr 21, 2021 - 4:57pm

Did anyone see the email from today (4/21)... it's literally a worse deal to get two stubs and no full bonus until Aug 2022???? 

  • Analyst 2 in IB - Gen
Apr 22, 2021 - 10:17am

How the hell does that recent email help juniors or remotely impact our "wellbeing"? I am struggling to see how that email does anything for us...but hey at least we get free headspace app! 

  • Analyst 1 in IB - Cov
Apr 22, 2021 - 10:53am

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  • Analyst 2 in IB - Gen
Jun 21, 2021 - 11:49pm

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  • Analyst 2 in IB - Gen
Jun 22, 2021 - 9:23am

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  • Analyst 1 in IB - Gen
Jul 18, 2021 - 2:32am

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  • Analyst 2 in IB - Cov
Jun 22, 2021 - 9:33am

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  • Prospect in IB - Cov
Sep 2, 2021 - 5:45am

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