UBS buys US top ten bank Credit Suisse in early 2023, yet remains Outside the Top 10 in the US for 2024. How?
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Dude what? This is the falsest most helpful post I have ever seen on WSO.
The people who stayed from CS can be put in two camps: A) those who couldn't get an attractive offer and B) rainmakers who got a very attractive offer to stay and huge guaranteed bonuses. Not going to give direct names given the rules of the server, but top CS MDs in industrials from paper + chemicals are still at UBS for example as are various CS sponsors and LevFin MDs among others who could've very easily left if you look at their creds, but presumably stayed for big bonuses and "increased investment" into IB. Agree that the Barclays hires are mostly bad, but untrue that no good CS MDs came in.
Also if you look at UBS dealflow, the true problem is that there is a wide gap in groups. UBS LevFin for example is #1 in leading new LBOs for 2024 and was 3rd or 4th by year-end in sponsor LevFin activity, which are both remarkable improvements from last year. ECM also has had a good increase in deal flow as has Industrials as a whole, FIG has also seen a slight increase in deal flow. However, you cannot be top 10 overall with 5 good groups and other groups contributing nothing, which is the case at UBS. Healthcare and Consumer have improved but still overall suck/not to the level of a firm seeking to be t10 in the league tables, they only improved because the previous deal flow was basically zero and anything is greater than that. Groups such as M&T and Tech have literally zero deal flow, despite making up such a large part of the overall USA wallet and UBS doesn't do energy banking at all which hurts it too.
UBS is heavily struggling and is a terrible place to be a junior right now, all juniors should be looking to leave; but it's also important to not spread lies about why the bank is struggling when there are real more obvious reasons.
Replying to your post - you are basically right.
Hi Misininformed Analyst,
You are spreading misinfo. Your rankings are off because you threw too many custom filters into your screening criteria to inflate UBS ranking.
Not #1 in leading new LBOs, but actuall 8th in US marketed leverage loans by lead left
Not 3rd or 4th in sponsor lev fin activity, but 6th
Finally for all Lev Fin Revenue #10...
Source: https://ionanalytics.com/insights/dealogic/global-markets-rankings-2024/
Damn so they are about the same then. Are the Nepo hires any good?
Heard half the MDs simply try to get credit for APAC deals because they can't source themselves
Most of the big deals are things like EMEA and APAC Buy sides and ipos
I’m sure there either was or hypothetically could be a US angle / US investor somewhere🙄
”YoU SeE We ArE a GlObAL BaNk”
CS collapsed for a reason. That same mindset and those same people infected UBS. Pretty simple
2025 LFG!
UBS will probably not reach the top 10 in the US with this batch of MDs. However given the amount invested and how aggressive hiring is, they will surely have a group of MD hires that gel and make them at least top 10. Most likely to be 2026 or 2027+/whenever this batch of guaranteed bonuses ends where the terrible Barclays people get laid off and newer, potentially better MDs come in. It's kind of bound to happen given how large the firm is globally, its success in APAC where they are top 3 in overall M7A fees, and the huge investment the firm has been willing to make to grow America's IB division.
True
Our MDs our so bad most corporates ignore them even after 4 follow ups.
They ain’t picking up the phone let alone letting us run their deals.
Never
Nothing has changed in a year, these all sound like they could of been written yesterday
Same i just realized this post was a year old and I was like, this is still exactly how it is haha.
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