UBS layoffs
Saw it on the litquidity post. Anyone can chime in and share the details? Size, Department, seniority? Scary time indeed.
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Already?!? I'm so fucked wtf
Least worried and stressed Investment Banking Analyst
No big deal everyone. We are just making room for all the CS Chads to come join our team in a few months
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 --
Not as much as other groups. Headcount down only 20% in real estate
Those who chose UBS for the summer over other options. Chad risk seeking behavior.
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.
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
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?
Rumors have it that they were deeply impacted.
You have now become a small part of the C58 "cost synergies 2023" cell of your traditional merger model
congrats to all
A good friend of mine was at Turdie’s the other night and overheard two CS analysts saying “UBS? More like U.B.Ass!” Tells you a little something about the culture I think
UBS TMT deserves an entire group layoff as they literally have been useless in ib for 3 years. The only thing they do is pitching and that doesn't bring in shit
Didn’t they do the Qualtrics and Cvent deal
Dont think any of UBS’ groups in the US have brought any significant revenue in the last 18 months, outside of LevFin, GIG and FIG. UBS was like 30th in M&A Advisory fees in 2022…that weakness has been hidden by much stronger results in EMEA and APAC.
Hopefully UBS picks up some CS rain makers so the juniors can work on some actual deals instead of making company profiles all day.
Lol as a former UBS employee, can confirm I got terrible experience there working on pitches and nonsense work..