33 Comments
 

Classic WSO. Created thread saying he/she heard rumors, yet doesn’t explain what the rumors are…

 

Just got laid off myself after hearing about a few friends getting laid off. Glad to be out of here. 6 months sevvy is pretty sweet.

UBS is not a good place to work. Wanted to leave anyway as my group’s deal flow is terrible and culture has gone meaningfully downhill post merger and because of new hires

 

Dude I just got laid off myself…how would I know the details, my card doesnt even work for me to swipe in any more

 
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Very unfortunate. Honestly, it's been very clear from both sectoral league tables and culture around groups that the merger and the bringing of new hires simply haven't worked for a vast majority of groups in UBS Americas. The M&A deal flow is almost all sponsors-led and the only notable corporate transactional in the past year are almost all industrials with one or two CR deals. The only product UBS is good at is LevFin. That's not enough to be a top 6 US franchise as MV said the goal was. Right now for M&A the bank is barely even t10 YTD, just outside the t10 LTM in the US, and very far from anyone above rank 8; so not even close to the desired goal. It seems like it will be a clear failure of an experiment unless the leadership does something new. 

People at the junior levels really shouldn't have to bear the brunt of any of these firings; it should be the MDs that came in that haven't brought in any deal flow. It's wild how the entire tech team can bring in no flow and not have any MDs fired whilst juniors get fired. 

 

Would heavily recommend posting anonymously not with your username or real name attached (maybe I am just paranoid though). I don't think this is a huge round of people in this last wave of UBS layoffs and it seems fairly limited, so might not be too hard to pin you down by UBS HR. Don't want to ruin any relationships in this industry nor do you want to potentially risk your severance. Just trying to look out for you.

With that being said, severance should be pretty sweet and you should be looking to use your connections to try to land something new. IB might be rough rn because just the broader sentiment in the market is bearish with all the news of recent layoffs across the street, but there should still be spots open for IBD and corporate things. Would also reach out to ED/MDs you know well and who have been mentors to you, I think most seniors are willing to put in a good word with friends at other banks. It might be hard to end up at another BB/EB again just due to sentiment, but think it can change in the upcoming months and even if not, I am sure your mentors can help land you somewhere. 

 

heard about asso being laid off yesterday from another group. thinking my coverage group is also gonna layoff a few folks in the coming weeks 

 

Think it was a pretty big round no? Heard like 5 VPs in Tech got axed, almost all legacy CS, to make room for Barclays hires

 
Funniest

Wait this group is still hiring MORE Barclays people? What type of hillbilly inbreeding shit is that

 

I think it’s that the MDs are such bad salesmen (as shown by terrible deal track record) that they can only convince people they’ve worked with to join as a VP, and only when adding large guarantees.

Everyone else says “No Way!”

 

It’s the Barclay-Lehman style absolute loyalty test where any dissenting voice or new idea is shut down. What results is bad performance and a group think induced Lehman style collapse where most of the leadership should of known better all along

 

Great just what we need more broccoli haired Gen Z VPs from Barclays

 

Tech is an actual clown team at UBS; by far the worst team in the firm. Hiring that many MDs from Barclays that have brought in no fees and still not firing them. Tech was by far the largest sector last year in US M^A and so far this year, yet it makes less than 1% of UBS M&A deal flow, an absolutely unacceptable performance. If any other group at any other bank performed that weakly given the investment, leadership would be all fired.

 

And they RIFd one of their best MDs, who was head of cybersecuriity, which is expected to be one of the hottest areas of software. Doesnt make any sense

Probably will be replaced by a great MD!

 

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