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Interned there last summer. It is sadly becoming a terrible place in London. Even interns could feel the impact of budget cuts and cost-cutting. Food cannot be brought out of cafeteria. You can see the bank is trying skim out on a lot of things.
Stayed with a few people from other groups at UBS and some at DB. Just echoed the sentiment that European banks are struggling.
Top teams are ECM, TMT, maybe M&A but that's about it. Even people in these groups are finding it hard to exit (through personal conversations and interactions).
P/S: I didn't get a return offer, same with many many people. Conversion was apparently low last year. Landed another BB for FT but still not quite happy.
Interesting...
I know 2 people in the industrials team left for Onex and Wendel post bonuses this year, and someone in the P&U team left for KKR a while back - any thoughts on those teams?
They are recruiting 30+ juniors to come in laterally, and I'm not sure if thats to replace the people who've left because of what you said, or its more because they have finished restructuring and want to ramp up the IBD business?
When I said finding it hard to exit, I meant into good shops. Onex is certainly a large one but Wendel is by no means excellent.
Industrial historically was very good but for some reasons exits have not been good lately. With a very large class size for the team, if you cant find at least 10 decent exits, it's not a good group. Even Moelis and Evercore sends 3-4 people into MFs each year. Percentage wise, UBS has to send ~20 kids to these firms to match the quality. Not sure about P&U. Never interacted with anyone from that team except for a firm-wide few presentation.
Any views on UBS Healthcare IBD in London?
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