No big deal everyone.  We are just making room for all the CS Chads to come join our team in a few months

wow if 20% is "not as much as other groups", it's really fucking bad

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. 

Anyone know the break-down by group or which groups were most affected?

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.

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.

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

Were people above ANAL / ASS level laid off too?

What happened to banks protecting analysts from layoffs due to bad press. Do banks just not care anymore?

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?