UBS internship on hold?
Has anyone working at UBS in banking received communication about their internship cancelled/on hold?
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huge layoffs incoming
Have heard this too. This is why people need to research up to date and CURRENT rankings and league tables when it comes to choosing their offer. Unless you had no other choices, one should have been able to see this from a mile away.
Source? Can't make a comment like that without some sort of support.
were you boning her
Currently work at UBS in banking - NO layoffs for FT or cancellations to the internship process are expected in the near term.
UBS does not have much balance sheet outstanding as it lends minimally, so does not have to cut costs if loan market goes south.
Naturally if business degrades for banking over coming year, layoffs occur but junior blood is always needed in firm. This will manifest itself through a lower offer rate to full-time, which might drop from 80-90% offer for FT down to 50-60%, but don't quote me.
Given that full time training start is in July with August hitting the desk, maximum that would happen would be a slight delay in FT start, however, as of yet everything is as previously planned.
Just as some context to what UBS did during the financial crisis in '08, during it's peak it simply deferred the starts of incoming analysts / associate by 6 months to start in in winter rather than in July. Not only were FT offers honored but stipends were provided to cover living expenses (not enough to cover living in New York but from what I've heard from UBS people who started that time 11 years ago they took that money and went traveling post college).
Given UBS' current solid capital position and the need for fresh recruits in the lower ranks, baring yellowstone errupting there will not be any impact on FT offers. Heads that roll first are the upper ranks that don't bring as much revenue as required (applies to any bank). The junior ranks are a relatively low cost of maintenance asset that helps drive productivity.