UBS Earnings: UBS IB Americas Collapsing
Shockingly bad numbers coming out of the earnings report. Global banking shrunk 8% in a year where banking revenues globally are up 14%. Global IB advisory down 18% quarter over quarter.
Then this nugget from the presentation, they want to monetize investment in high growth sectors but medium term priority. This means they want MDs they hired, many in TMT, to actually have deals (which means they haven’t been too successful). They also list it as a medium term priority buying years of more time given all the underperformance.
Lastly, they break out global wealth management and asset management revenue by region but don’t for the investment bank. This is to shield investors from how likely bad to US IB is performing.
the silence is telling… UBS provides no Americas IB breakdown, while explicitly calling out strength elsewhere, a massive red flag
Me thinks: they’re about to tear all down again and start from scratch with the America’s IB. This rebuild just flat out did not work
Very easy that being 10% down in revenue the discretionary IB bonus pool, outside of guarantees, could be down 50% plus. Explains the apparently very low numbers we’re seeing
Hearing rumors of some high level departures for the IB in the coming months
Thank you captain obvious. Open secret that much of the IBs MDs are already positioning / interviewing to leave
UBS has tremendous key man risk too. I can think of 2-3 MDs that if they left the revenue model in americas IB advisory would fall off a cliff
Time to split the IB from the rest of the firm, lots of unlocked value in wealth management
I love ubs
Cap markets less fucked than banking
how so? advisory gained slightly FY 25 while cap markets fell off like 15%
I see a lot of people here complaining. Trust the process. We will become the 6th largest IB in the Americas!
STFU Marco
Stop replying to yourself bro, it’s really obvious when there’s a slew of comments posted in a one hour stretch that have the exact same writing style. Get some help lol
Fnlondon interviewed MV in December, MV said he wants to hire another 25 MDs this year. Granted, this was before Sergio announced he would be stepping down, but I’m not sure Sergio’s announcement was all that surprising.
Maybe better things are in store for 2026.
MV keeps hiring shit MDs on guarantees who don’t originate. Bonus pool is going to be fucked for 2+ years and turnover of top EDs/Ds/ASOs/ANs will be off the charts as a result.
Should I keep interviewing if I’m set to be an intern at UBs this summer?
Yes and you should be interviewing while you’re an intern too. You will regret joining UBS
UBS hatewatch doesn’t stop
UBS is paradise
No wonder they laid me off, UBS blows.
Why work at UBS at this point. Worst European bank with bottom culture and pay vs all other BBs
DB rising !!!
If Levin and some of they kev LevFin MDs leave, UBS IB in the US is finished. Already probably is.
Once Sergio is gone at YE the new CEO will immediately can Marco and his failed minions.
For sure, he totally mismanaged the bank the last couple years and somehow got promoted for it
You realize the revenue decline was mostly attributed to LevFin right?
Where is Bronzbamba? A user way ahead of his time who was first to shit on UBS years ago and was right all along
@bronzbambaisg@y
You realize you have had excuses for all the underperformance for years now
Their head of IB is married to MD at KKR and their kid goes to my uni lol
Brown is a good school!
Everyone knows the only real Ivies are the holy trinity: Harvard, Yale, and Princeton
Hiding the US IB print is the ultimate tell. Posting -8% when the tape is +14% isn’t a rebuild, it’s a liquidation. Medium-term is just code for letting MD guarantees vest before the lights go out. Dead money walking.
I hate it here
2026 is our year!
Rip
Getting carried by Asia, would look way worse otherwise.
Do we thing the Americas is like 10% of IB revenue? I think it’s could be that bad
Then they release a super misleading article that says bonus pool up 20% in some IB groups. Yeah those in Asia ‘cause Americas is really disappointing the entire IB and the entire company
Dammit Mike, again?
UBS undergone an important m&a in 2023. Which had an echo effect in many global markets. Maybe hence the shrink now.
They combined two top 10 banks and now outside top 20 in the US. How?
No client management strategy? I take this back let me analyse more.I will get back .
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