UBS layoffs
Saw it on the litquidity post. Anyone can chime in and share the details? Size, Department, seniority? Scary time indeed.
Saw it on the litquidity post. Anyone can chime in and share the details? Size, Department, seniority? Scary time indeed.
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Confirmed its happening but have no sense of scale atm
According to FT, 36 000 across the business.
Isnt that post-merger?
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Already?!? I'm so fucked wtf
Least worried and stressed Investment Banking Analyst
Username check out
No big deal everyone. We are just making room for all the CS Chads to come join our team in a few months
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As high as 50% in some groups... worse than Blair
What's the MS for?? Yesterday I had a job at UBS, now I don't have a job and on top of that I have monkey shit.
Please tell me this is cap, I have a couple of friends going to UBS this summer / FT.
I literally just got laid off and you're asking if your friends will still have a job?? I --
Brutal.
Heard healthcare is taking the brunt of it
That is fcking brutal
US or UK (where are you)?
Has anyone actually confirmed they have occurred?
Can confirm layoffs have happened (and still are)
UBS bois chime in
down bad
Was UBS real estate affected?
Not as much as other groups. Headcount down only 20% in real estate
How big is UBS real estate
wow if 20% is "not as much as other groups", it's really fucking bad
If UBS is laying people off today do you think there will be layoffs at CS later this week?
most likely to happen after deal close
Those who chose UBS for the summer over other options. Chad risk seeking behavior.
To be fair though, CS hadn't gone bust when we signed offers.
Would you advise taking an MM summer offer & reneging UBS (bcos of conversion rates), or take the UBS offer & hope I'll get lucky with conversion?
My risk averse self would take the MM. If you don't convert the FT recruiting environment does not look good right now. MM IB experience >>>>> nothing.
Take the UBS offer. If you don't get a FT offer you can rerecruit. It's a better brand name than most MM
I think the MM is better if you’re afraid of not having a job at UBS. Definitely best to have a job then no job as once recruiting season is over you’re sunk
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Anyone know the break-down by group or which groups were most affected?
Bunk
Curious about how things are at ASO/ANL level
Just hearing 1 to 2 juniors per group
Really not THAT many but I may be wrong. Hope everyone affected finds something quick.
my group lost 7 juniors
What group?
Did any seniors get let go? Wonder if this is the prep before CS integration
Sorry everyone. How were cuts distributed seniority wise?
This is a *brutal* hiring market relative to the last few years, but perhaps there's less of a stigma attached to being laid off in this environment? Imagine how much harder it would've been to explain getting canned in 2021, when firms were just grabbing random people off the street basically. Good luck all.
Does anyone know how LF/FS fared?
Working at CS mo atm (ldn), had a meeting with the MD this morning with other A1. He said nothing official yet but it’s expected all non-core function at CS will be cut. All new grads were told to look for new jobs as we would only have 3-4 months left
Lmao I think front office CS will be affected severely too, if UBS is cutting up to 50% of people now, it’s going to be way worse for CS
Any news on CS IB advisory groups?
What's the reason for the lay offs? I thought all the lay offs were going to be on the CS side, not a cull on the UBS side.
LOL
Interested, can someone explain this>??
Everyone is fair game in a merger like this. When BofA acquired Merrill during the GFC BofA IBD was gutted to make space for Merrill people. It all comes down to which seniors are staying and bringing their teams over. Banks don’t care about loyalty or putting our own people first.
CS has quality people UBS intends to keep. So appears UBS is laying off their own to make room for the incoming talent. Additionally, if this merger never happened, I’m sure UBS would’ve still done layoffs but less severe
Heard 2-3 in HC, 2-3 in TMT, 4-5 GIG, 1 RE, a bunch in certain regions of m&a, and none / very little in ECM, LevFin.
Overall at least on the IB side seemed like generally mid-level (associate / vp / director) underperformer layoffs.
This had definitely been in the works before the CS deal so there could be more to come for sure…
Not sure about some of the posts in this thread that said this was william blair-like reductions. Seemed like a pretty light trim
What's happening to UBS FSG?
Heard they're all getting let go to make room for the CS FSG chads
Were people above ANAL / ASS level laid off too?
LMAO
Rumors have it that they were deeply impacted.
What happened to banks protecting analysts from layoffs due to bad press. Do banks just not care anymore?
We are not in an employee market anymore - not just limited to finance but tech as well. The pendulum has swung back employers with the economy contracting - hence the layoffs and aggressive RTO policies.
Firms don’t care and the media / public isn’t going to shed a tear for bankers.
Yes but in a few years when deals pick up again, why would you choose to work for a bank who cut 50% of groups headcount in a down market?
Yeah I think we can put that myth to rest this year. I had also heard that said, but found myself and most of my analyst class getting fired earlier this year anyway. Maybe it was true at some point, but these banks don't give af in this market. We've seen a lot of An1 and 2s getting cut in these layoffs.
It’s always been a myth. I worked through the gfc and first year analysts were getting canned then too. No one is safe in a bear market
How has the job market treated you since being laid off?
Any insight into the P&U team in Houston?
The UBS team in Houston is already trash. I expect them to gut them liberally.