UBS Investment Bank April Layoffs
is there any truth to this article? Has anyone heard anything about how severe the upcoming layoffs will be?
https://www.efinancialcareers.com/news/ubs-people-fear-april-s-cuts-we-…
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Based on the most helpful WSO content, UBS is indeed undergoing significant layoffs following its merger with Credit Suisse. Reports indicate that UBS plans to cut between 20%-30% of its global workforce, which translates to up to 36,000 jobs. Specifically, 11,000 jobs are expected to be cut in Switzerland alone.
In terms of severity, discussions on WSO suggest that the layoffs are impacting various departments and seniority levels. For example: - Some groups in the U.S. have seen headcount reductions as high as 50%. - Real estate headcount is reportedly down by 20%. - Layoffs seem to focus on mid-level roles (associate, VP, director) and underperformers in certain regions and groups.
Additionally, there are mentions that non-core functions at Credit Suisse are expected to be cut, and new graduates were advised to look for other opportunities. While the exact details of the April layoffs are not explicitly confirmed in the WSO threads, the overall sentiment reflects a challenging environment with widespread job cuts.
Sources: UBS layoffs, UBS to Cut Up to 36,000 jobs from Newly Combined Firm, Why so serious?, How bad are things going to get?, Is it really THAT bad with Deutsche Bank & UBS?
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