UBS in Shambles as Proposed $100k H1B Fee Looms
UBS heavily relies on H1Bs at the junior level, so the new $100k fee will be quite the obstacle for them.
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Congrats on UBS!
Lmao
UBS going to have to overhaul their H1B churn and burn strategy
UBS should just outsource everything directly to Hyderabad and Pune, imagine the cost savings
All Asian all hands tomorrow at 9 pm on the 6th floor break area to discuss their options, including paying the $100k out of pocket to UBS
Congrats on Asian!
UBS likely creates 4 year clawbacks that if you voluntarily leave prior to 4 years being up you have to give back at least $100k in bonuses to refund their H1B fee
UBS fucked over the American half of their 2022 intern class who had signed return offer contracts and were supposed to start in July 2023.
Less than a month before the July 2023 class was supposed to start (and after everyone had already signed expensive leases in NYC), they deferred the employment start date of half of the group by seven months to February 2024. How did they decide who to defer? Allegedly these decisions were primarily made by HR and were based on citizenship status, with non Americans favored (aka zero internationals were deferred).
The deferred class finally started in February 2024 (7 months later). The group that started in July 2023 was generally promoted to associate by July 2025, while the deferred class was told they had to work 2.5 years instead of 2 for the associate promotion. So the deferred class missed out on 7 months of analyst comp and now is a full year behind in salary for the rest of their career.
tldr: UBS recently didn’t honor their signed return offers for half the analyst class, allegedly based on citizenship status with non Americans explicitly favored over Americans, which carried over to future promotion timelines :)
I heard some deferred analysts legitimately became farmers to make a living while waiting for their start date, UBS has no shame
Why would a bank target giving half of the analyst and MBA positions to non Americans when these are entry level jobs with thousands of applicants?
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