Lots of hiring in the past year which is amazing, but just in the last week the Head of Healthcare and the Head of Real Estate (RELL) resigned - what is going on?
Hoping 2025 is a great year for us but where are we headed?
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Bump
Everyone is starting to realize Marco has failed and just a matter of time until the next rebuild.
Once Sergio leaves (~2026) new CEO will likely replace Marco to rebuild the IB once again, and the Barclays drones will follow to (Wells/Deutche/RBC etc)
?
They were fired
Who is they?
I'm an incoming SA and as I read through recent posts, I'm feeling a bit concerned about the current state of UBS with the constant layoffs and senior guys leaving. I thought UBS IB was going to improve after the acquisition of CS
Shop your offer. They dropped the ball on properly integrating and results this year are catastrophic.
dont trust me, just look at the league tables:
https://go.factset.com/hubfs/mergerstat_em/monthly/US-Flashwire-Monthly…
They beat last 3 quarters what in the hell are you talking about?
Shop it. This summer many groups had like a 50% return rate.
Big push now on FaceTime and 5 days a week in office.
It's increasingly a really bad culture here
What groups had low rates? Even the shitty tech group had like a 4/5 offer rate and the LevFin group gave everyone an offer that deserved it going like 11/12 or something like that. Genuinely curious about who had low rates because from what I have heard about the firm, there were great return rates.
Do you have any advice on how to shop an offer properly? I have an offer at a HF but I am seeing other firms paying 30k more for the same role and I want to shop my offer somehow.
Also an incoming SA, we should chill. It’s not an accident that the stocks of Moelis, PWP, Evercore, Houlihan, etc are all at all time highs. Deal activity is going to rip for everyone
According to another post one of the lowest revenue per MDs on the street. Will impact comp and result in low bonuses
Lol
Shop your offer and get a better bank. It won’t be hard - most are better
There will be more mediocre overrated barclays drones to replace them, that I can guarantee.
They probably left because the bank is nepotistic hellhole with firmly entrenched barclays/Lehman alliances that goes from analyst to md
It is now a monarchy where deals, value add, effort and results don’t matter. All that matters is how close you are to the Barclays decision maker in your group
Brutal but very very true.
You mean how close your to the Lehman balance sheet guys who came in matters the most? or the Barclays pre Lehman acquisition guys?
Yeah it’s all one big circle of some jerk-chicken
Updates on progress?
Seems like they’ve gone all in on hiring TMT bankers but doesn’t look like it’s really moved the needle and haven’t seen them with any major role in any TMT deal this year
If UBS is struggling and reading all these comments, it's hard to see how things will improve in 2025. If return offers for 2024 SA weren’t great, I can’t imagine what that means for people like me that are interning this upcoming summer, especially when they are hiring more interns
Yeah they are still bloated at some levels and actively reducing headcount (trying to be sneaky with a couple layoffs every couple months in each group, vs 1 massive wave), while also not doing well putting more pressure to again reduce headcount.
Out of curiosity, which groups are expected to perform the strongest next year? By this point I'm not even thinking about exit opportunities but just getting that return offer
It's like picking between cold french fries, a flat soda, or a pizza that's mostly crust
Nobody really, the bank will be transitioning next year, so expect return offers to be very brutal next year. You sadly simply choose wrong. Rates weren't that bad this year because the full shittiness of the new admin wasn't out yet(i.e. there was still some hope there). I think by now everyone kind of knows this new admin isn't bringing in as many deals as happening. I do think we see an uptick in volume for 2025, but UBS remains more than well-enough staffed to deal with it. Unless the deal flow like quadruples or something, we will have enough juniors to handle the work, so I see next internship year being a huge bloodbath. I would unironcially actually go for tech if optimizing for returns since it's such a shit group I can see many juniors leaving and if deal flow even picks up minimally they will need more people.
Lev Fin isn’t banking, it’s just your local commercial bank on the corner of the street but adding a couple zeros to the size of the loans
LevFin requires execution and successful syndication of the debt and is a very lucrative market for the banks. UBS combined and CS before merger had done a pretty good job at getting leads, especially for the sponsor-led stuff. Yes, it's primarily execution, but it makes great fees relative to time effort.
Lev fin bankers just execute. It’s the banks capital and willingness to lend that generates the fees
Yeah except coverage is so bad at UBS that Lev Fin also sources
Where is @bronzbamba? I bet he would be all over this thread
They are slowly running out of excuses (and time) to turn it around
UBS has just failed in the M&A side of things and corporate side of things. I think UBS should just go back to its original strategy of targeting sponsors and LevFin and instead try to be more aggressive there to win deals. It's very clear this push towards trying to win corporate mandates isn't working and the bank should re-prioritize the few bright spots that it does have (sponsors activity as a whole and the LevFin group in specific).
Agree with you there. But if you are even questioning the entire new strategy that new leadership put into play… what else is going wrong we don’t know about… this experiment is about to implode
Shhh… stop telling them how bad it is, you all are scaring away the future interns
Bad MDs don’t deserve good interns and analysts
😡🤓
We should have just fired everyone from Credit Suisse
Somehow people thought keeping the bottom 30% of CS was worth it. It was not.
Interested to see where the bank sits in 6-9 months regarding senior retention. Believe a lot of folks were guaranteed comp for a couple years to come over from CS, etc.
Yeah if you are here for 2 years on guar comp and have no deals, like many of these MDs, you will get shown the door
A lot of firings will happen and Sergio will probably just move to steal MD's from another bank. It remains the most efficient for UBS to try to expand in the Americas in both WM and IB since it's the worst-performing region, so it'll remain a focus. I am sure Sergio is very disappointed in the results after all this investment into IB Americas, but also given the size and scope of the bank Americas still remains a very good value proposition at least on paper (UBS's smallest region by IB or WM market share despite enormous size of American market).
Can’t just keep throwing money at the wall and hoping it changes. US corporates all super well banked, and UBS doesn’t stand a chance in almost any bakeoff against MS/GS/JPM. Need to find a new area to focus on
I think when the non nepo Barclays MDs saw what was happening they all started looking for new jobs. Expect the exodus to continue as markets heat up and more lateral opportunities are created
The legacy UBS people are leaving not the ex-CS people. The good CS people are on boatloads of guaranteed comp and the ones that are terrible MDs simply have no lateral opps. It's really only the legacy UBS decent to good MDs that are looking to lateral. Guys like Levin (legacy CS MD who is really good/one of the few really good MD's bought in from CS) are probably on millions of guaranteed comp, highly doubt they lateral.
Head of HC and head of RE probably holdovers who hadn’t yet been replaced by Barclays
Tbf, both groups were not performing anywhere up to standards. But also tbf, neither is any group outside of Sponsors/LevFin/ECM. I think the real problem wasn't them leaving but rather the fact other group heads who haven't performed haven't also had to leave as it shows the Barclays favoritism at play here (*cough* Tech and M&T in particular *cough).
Sounds like football where a head coach on a bad team fires their least favorite coordinator, like a special teams coordinator, to show change is coming. It’s all an act.
Really a disaster in Tech and M&T world to hire 10+ MDs and not have much to show for. Inexcusable to strikeout 10+ times in a row
Add m&a to the list here as well
Yeah but UBS isn’t a top RE shop anyway
Heard the Head of Real Estate is going to Oppenheimer
This should give interns a good idea of exits
Advice for incoming FT?
Never too late to shop it. You owe them nothing
Near all classes are full, no?
If people hate the Barclays bankers so much why don't you report them to HR to make space for people that actually want to contribute something positive to UBS
HR would then inform the MD and by the following week you would so happen to have your position eliminated. This isn't operating like a normal company atm.
Just have to smile and take it like a champ while kissing the ground that they walk on
The Monarchy
King = Marco
Royal Family = Barclays Group heads
Kings Court = Former Barclays MDs/EDs/Ds
Nobles = Former CS bankers
Peasants = Legacy UBS Bankers
And remember in a famine it’s usually the peasants who starve and die
Hoping for a solid bonus this year!
But in a revolution it’s the peasants that rise and overthrow the monarchy and nobility
Shut up peasant. You will do us all a favor by leaving on your own and lowering our severance costs
Haha not sure you are actually an MD but if you are that describes new ubs culture very well
Surprising to hear all of this. My roommate is in UBS PFG and they are having a stellar year despite fundraising activity is down
Surprising to hear all of this. My roommate is in UBS PFG and they are having a stellar year despite fundraising activity is down
Surprising to hear all of this. My roommate is in UBS PFG and they are having a stellar year despite fundraising activity is down
Why are you reporting this three times? Also yes, UBS has some groups that have done their fair share and lived up to expectations, it's just the vast majority of groups haven't. Sponsors/LevFin/FIG/ECM all for example have seen meaningful upticks post-merger while GIG has roughly remained the same (although with a few decently impressively marquee deals in Home Depot - SRS, Rio Tinto - Arcadium, but overall has been doing a decent amount of 500-1Bn EV work as they were previously).
Ok please don’t come to Deutsche bank. We have enough legacy CS trash already. Go somewhere else please.
LMAO CS culture so bad that it damaged the cultures of UBS, Santander and DB
lol you must be in consumer
Advice for all external parties reading this thread: take everything that is being said here with a pinch of salt. UBS has gone through a massive change in the last year, and acquisitions take time to bear results. It seems that people who have been wronged in the process are here throwing their hate, but reality is that UBS is one of the few banks that has grown in the past years. Whenever the market recovers (it seems to be getting nearer) and the integration is fully behind, I think we can expect UBS to come back at a very good spot in the league tables.
UBS Drone: Ignore league tables, culture and everything else
UBS Drone Source: Trust me bro
Reality:
Americas now #15 and down 14% this year (3Q-24). The only bank in the top 20 this year with less fees this year than last year. Most market share loss YOY (0.7%) Culture also now ruined)
For those who believe this has been a great year for UBS IB relative to where UBS stood alone, that may be true but also somewhat misleading.
Looking back at 2021 and referencing LSEG wallet share for global fees across all products, CS had a wallet share of 2.9%, while UBS had 1.4%, for a combined total of 4.3%.
As of the first nine months of 2024, UBS’s wallet share is 1.8%. Essentially, the combined UBS/CS entity has lost 2.5% in wallet share. This highlights the dissynergies of the acquisition, as UBS has retained only about 14% of Credit Suisse’s wallet share from a value-add perspective. Instead of creating a stronger competitive position, the integration appears to have eroded the combined entity’s market presence and fee generation potential.
What do you mean UBS is wronging people? Doesn’t sound like a good culture
That’s a lot of excuses for just 1 paragraph. You can’t just vibe your way into a great story here, although as a banker you might try.
Excuse #1: Only former employees here complaining
Sure sounds like people are describing what they are currently seeing
Excuse #2: Acquisitions take time
Sure but it’s been 18 months already since announced. Can’t point to merger forever.
Excuse #3: UBS has grown
If it has grown in headcount and still losing wallet share that’s even more scary. It’s actually one of the only top 20 Americas bank with less fees this year (LSEG). It’s much smaller than UBS and CS proforma if you look at old league tables in the LSEG link
Excuse #4: When market recovers
What world do you live in? Can’t point to 2021 forever. Many banks up 20%+ this year in the Americas for IB fees
Excuse #5: When integration fully behind
It’s been a year already that teams are working together. Whether CS employees use UBS or CS health insurance won’t impact the league tables
Excuse #6: Expect UBS to come back
If several group heads already leaving or fired, it signals at least some parts of the org in another rebuild
Culture is key!…
I think the entire organization needs a little more shampoo to clean out the filth from within
Penny smart, dollar dumb
Looking at UBS Americas fees is really funny bcus if you remove industrials, it basically is not even top 30. For reference, Industrials has been on Home Depot - SRS for 18.2Bn, Amcor - Berry Global $8.4Bn, and Rio Tinto - Arcadium $6.7Bn... and a few other 1Bn+ deals. Those three alone are 33.3Bn of the like 64Bn of UBS M&A deal flow in the Americas. Do with that info what you will, can't comment because I don't know much about the group but kind of seems like it's straight up carrying the firm.
Yeah TMT died in 2021… RIP
Team now filled with NPCs
First Matt Farquhar... now NIBC? Pattern recognition checks out from UBC.
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