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Pasting in an old comment that's relevant : 

Terrible in the short term, but great in the longer term. UBS is greatly positioned for 2025-6 since the new MDs are mostly legacy Lehman + CS rainmakers with a history of strong deals, but this next year is going to be brutal for bonuses and deal flow. The MD count is down, but a lot of the fired MDs should have been fired a while ago, only a very few of the fired ones were deal makers, and even the ones that were: a stronger banker was coming in covering that same space from CS/Barclays. It just seems like the legacy UBS MDs lost all the political battles behind the coverage areas. I don't think it's all doom and gloom for the firm as a whole, it's pretty great for the long term, but it's doom and gloom for 2024. 

 

Why yes ofc. One would think that all the CS rainmakers would help the IB but tbh most left for EB before the merger closed. Every qualified junior left as well. The only ones left are incompetent VPs and second years who are just collecting a check until their next gig starts. Honestly UBS really fumbled the bag by keeping CS folks in limbo for so long and by not shutting down mass layoff rumors. In addition the talent is just not there. Hard to name one UBS MD that’s known on the street or that has closed anything major in the last few years. They mainly do shitty cap raises and talk a big game that they can’t and don’t live up to. Also tech alone will get UBS. A task that would take an analyst normally 1 hour to do takes at least 4 given how drastically slow the computers are. You just can’t compete at that rate. They’re pretty cheap and treat analysts like garbage (are threatening to zero bonuses for second years who leave this year) so will be tough for them to attract junior talent in the coming years.

 

Objectively untrue, much stronger MDs now compared to pre-merger and Barclays hires. Based on your comments, you are an ex-CS banker who's most likely to get laid off so I understand your frustration but it's simply not true to say the bank is in a bad long-term spot. Given a lot of people here are looking at 26 or 27 start dates, the bank will be by all accounts much stronger by then unless the integration somehow completely changes courses to being significantly worse.

 

Eeeh not true. I’m a CS second year who’s survived every layoff (including the CSFB ones). I am salty but that’s mainly bec they’re threatening to zero bonuses if you leave (a little counterintuitive in my opinion).

I mean a bank that has had so little talent that it’s more common for analysts to stay than leave after 2 years says enough about the talent level imo

 

It's basically Barclay's now.  Most group heads, head of IB and remaining senior mds came fromm Barclays past year or so.

Thing is...Barclay's isn't doing so great so not sure why this is a good thing.  If these Barclay's guys were killing it so hard over there why did they all have to leave and their ex bank is in a really bad position.....

Teams are pitching big big things but thing is I haven't seen much winning yet....hope I'm wrong though.

 

The big reason a lot of them left is basically that they were guaranteed bonuses that got clawed back and Marco Valla(the main dude that left) didn't get the head of IB job. It was more of the politically losing ex-Lehman side that moved than anything else, and these were among the main rainmakers at Barclays in the US which has historically been stronger than UBS's US franchise. I do agree that it's been a lot of big pitches without much success rn, but some wins have been had in terms of deal pipelines.

Source for claims : 

https://www.efinancialcareers.com/news/ubs-hiring-bankers-externally&nb…;

 

Given the group heads of most of the groups are ex-Barclays and not ex-CS or UBS, this is just factually true. Not sure why so many downvotes here. Most group heads are the ex-Lehman/Barclays folks followed by a big gap to ex-CS people and then ex-UBS people. I think there's a lot of clear misinformation about the firm from people who are mad at the firm for layoffs and bonuses. 

 

Would the regulatory requirements (especially regarding oversea operations - “the bank must provide 60% capital backing for participations in a foreign subsidiary”) impact UBS’s ability to grow their IBD efforts in the US?

 

UBS Group AG is planning another round of job cuts as the firm continues to trim headcount following its rescue of Credit Suisse, according to people with knowledge of the matter. 

The job cuts are expected to affect more than a hundred positions across the firm’s global investment bank, the people said, asking not to be identified discussing private information. The reduction in force — which goes beyond a routine pruning of underperformers — is scheduled to take place in the coming weeks, they said.

Job losses are also expected in the wealth management and markets units, another person said. The emergency takeover of Credit Suisse increased UBS’s global workforce by around 45,000 to about 120,000. 

A UBS spokeswoman declined to comment. Decisions, including the timing of such cuts, aren’t final and could still change. 

The move marks the latest round of cuts at the lender. While Chief Executive Officer Sergio Ermotti has given little guidance on what the overall number of job losses will be, the bank has said it aims to save around $6 billion in staff costs in the coming years.

In particular, management have shown little appetite for Credit Suisse’s investment bank since the government-brokered deal was announced. Zurich-based UBS cut a group of senior investment bankers in January and has also trimmed staff across its Asia private wealth and investment banking teams. 

Capital Hit 

UBS’s shares have fallen in recent days on news that the Swiss government wants to impose an increase in regulatory capital requirements on the lender. The proposed reforms would likely translate into a $20 billion capital hit, a person familiar with the matter has previously said.

That more stringent-than-expected posture came with the lender in the thick of the complex integration and restructuring of Credit Suisse. Chairman Colm Kelleher warned in November that 2024 will be one of the most difficult in the multi-year process, citing the legal merger of the parent banks and big subsidiaries.

 

Gonna be the biggest layoff so far in US IBD for juniors by far. M&A GIG FIG will all chop 20% of A/As likely. Most of the severe under performers already cut in Q1 so this round will likely hit some half decent performers.

 

This guy deserves a ban if you ask me. Keeps clowning and spreading bs around on very serious topics

 

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