UBS Significant layoffs across groups Today
Anyone have any more information. I heard there were layoffs across the bank but curious if people have information on amount and groups impacted.
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GIG hit hard I heard. Think FIG also.
Mostly mid levels in GIG. Had too many after so many MDs in group quit
No layoffs in my group. Think it was group targeted
They laid off a CS FinTech MD and his ED, who were both ballers, and replaced them with, you guessed it, a junior MD for Barclays. Decline continues.
They’ve been trying to get rid of FinTech out of FIG for a while with Barclays guys
RIP anyone else impacted?
Fintech coverage is weird because both tech and FIG have fintech bankers. The only similarity is that a lot of the new MDs are from Barclays.
UBS has shown they are willing to get rid of better bankers in favor of worse Barclays bankers
No one in SF?…the whole office deserves to be cancelled
Hey, they did a single low-hundred-million-dollar raised IPO as the 3rd largest economy in over a year, despite having 10+ MDs give them a break. The juniors there probably have the best time; they are extremely overstaffed at the junior level compared to deal flow and somehow still receive similar bonuses as the rest of the team. Sure, you can say no exits, but a lot of UBS has no exits, and at least their job security seems very safe compared to the rest of UBS.
Any other groups impacted?
Afaik, no, just mid-level layoffs in FIG and GIG. Makes sense given the MD departures, it was largely Aso/VP's (AD/D as per UBS naming) without the MD they worked with, who were the ones laid off.
Done for the year?
what bankers left
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