UBS Q1-25 Global Banking down ~20% y/y and down ~20% q/q
So they probably have to reduce headcount by 10% especially in a down market like the one we are facing.
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At this point we need a weekly UBS performance post for sure.
You should
Been saying this for months now; if you are in the US in a non-improved group since the merger (improved groups: LevFin/Sponsors/Industrials/CR/HC); you should be looking for a new job ASAP. Aka. the vast majority of people currently at UBS US should be looking for a new job.
Also, if you were bottom bucket, of which there were more than usual, you should look for a job. If you're an analyst and interested in the buyside, just go for that if you can (not super plugged in to this, but assume you can at least get MM opportunities and know those in the better groups get pretty good exits based on my previous juniors), but if not just try to move to another bank; it's a dead market but there will be a few lateral spots here and there.
I think at some point, the bank in the coming year, Segio & MV, is going to re-evaluate all this capital investment into the US IB and will have to see the bloat. Excuses at some point run out, and banks are ruthless businesses. The fact is that there has been a ton of hiring in Tech, M&T, ECM (maybe only excusable group since ECM markets have been dead), and the M&A groups, mostly from Barcalys, that simply have not led to flow. If/when your seniors in those groups get fired, they will need fewer juniors.
Edit: clarified that the groups in question are the improved questions in parentheses.
Why do you think the UBS hiring spree failed but a similar effort by Jefferies seems to have succeeded?
Nepotism
This is a case study in why respectable companies have conflict of interest rules where you cant interview people you know because then you just hire your friends.
They aren’t a talent based organization anymore, just a vibes based Barclays Fraternity
i thought their levfin has improved post merger due to increased balance sheet? and isnt their levfin a pretty good group?
UBS has a great LevFin group, and it has improved (if you noticed it was in the parenthesis of groups that have improved). The LevFin market is just dead, which means lower LevFin (and thus overall America's) fees. The LevFin group has improved due to them being more aggressive with lending (i.e. willing to do more 100% commit deals) + CS relationships.
The UBS hate is actually insane
The UBS hate is insanely warranted.
like how on the Earth can UBS get this much hate?
A) declining culture, B) political infighting at the top, C) massive layoffs, D) vast difference between top and bottom groups, E) Nepotism of Barclays hires over legacy UBS/CS ones, and F) absolute loss of faith in the leadership. Take your pick of reasons, but it's absolutely warranted.
UBS is the ultimate, your experiences may vary bank. IMO, it's by far the bank where group placement matters most. Your transactional experience is just going to be night and day if in Industrials vs Tech, for example, which makes all the hate that Tech juniors have, for example be totally valid IMO since they were lied to in terms of experience + culture.
Nailed it
UBS banking under a depression right now.
A year ago Q1 revenue was down and integration was blamed on CS integration, it’s even lower than that now despite having way more wealth connections and AUM
Make this make sense
A) declining culture, B) political infighting at the top, C) massive layoffs, D) vast difference between top and bottom groups, E) Nepotism of Barclays hires over legacy UBS/CS ones, and F) absolute loss of faith in the leadership. Take your pick of reasons.
I will say the wealth thing is the only undoubtedly positive aspect of this leadership; it didn't make sense why UBS didn't try to use their wealth comparative advantage previously.
I might sound like a broken record, but if you're not in one of the few groups that have increased market share, I would be looking for a new job ASAP.
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