UBS won with CS
Do you think the UBS-CS forced acquisition was actually a huge win for UBS?
UBS just said that it needs no more the cover of the Swiss Gov't ("SG"): $10 bln. You really need to be confident that the business and incorporation of CS will go extremely well to refuse authorities' intervention or backup (when they pushed it into you). The fact that you're leaving out the public agents from the reorganization that you're performing, for me, it's an indicator that the company is planning to implement (i) some business-wise decisions that may make the SG realize their mistake i.e., supporting a banking monopoly, and (ii) some more aggressive business strategies that may make the SG realize that this merger, instead of a burden, was a huge win.
Moreover, was CS really as fucked as it seem? I don't think so, the market thought they were in danger, but now with the banking 2.0 crisis behind, the bank is doing well and moreover, its debt, was wiped out by the SG.
So what a nice win for the UBS executives, I think they're popping champagne all over their boardroom.
Pretty much. They are using the merger value added $ to build out IB in americas, eg by hiring all the best barclays bankers and thus solidifying #1 european bank in the US.
Expecting UBS to be back in top 5 in LT in 2024
The value in CS for UBS is not in IBD. CS's top relationships in IBD have already left and the balance sheet was way riskier than UBS has historically tolerated. The value in CS will come from the AM/WM arms if they can successfully stem the outflow of assets and clean up.
the barclays guys hired are big culture bombs though.
I had thought the barclays guys hired were a positive in terms of culture, but we’ll find out soon enough.
Sir who predicted Barclays hires were culture bombs, what are the upcoming lottery numbers?
You seem to have excellent fortune telling abilities
Expectations were wrong.
They might really be #3 European bank right now
Bump UBS also hired head of tech IB from BofA which might help them build their tech group with the new barclays tech MDs
So much optimism, so much disappointment
History says it was not
Man this is fun to read now😂
CS ruined everything
UBS use to know where it was, which clients to target, and how to support a solid culture.
Now UBS believes it is Goldman, believes all clients everywhere should be targeted all at once, and that a militant Jefferies/Moelis culture will get you wins.
This is worse than Jefferies or Moelis because 1) at least they knew what they were getting into 2) they actually get solid reps on live deals.
UBS abuses juniors and ruins their late nights and weekends for fake analysis and pitches that go nowhere
I understand that several juniors on this forum have either been fired or are about to be fired, but UBS is fundamentally not an investment banking business. The CS acquisition by all accounts is a win because it made UBS the world's largest WM firm, no ifs and buts. Even if you have closed no deals, I am sure you have (hopefully) built a general sense of what makes up business drivers and core operations of a business... for UBS the core operation is WM with GB as an ancillary to effectively upsell WM clients (which they are now aggressive doing through the new onebank or whatever they called their OneGoldman equivalent team).
They are an IB bussiness, just a bad one so people deflect
https://www.wsj.com/finance/banking/why-ubs-wants-to-be-the-no-6-investment-bank-in-the-u-s-yes-no-6-488118ec?gaa_at=eafs&gaa_n=ASWzDAjIaNXUsb-EiZX2P-mS0Mg72Wm8VhsANFpkSRwOXY_6MEUz8cDFu7V8&gaa_ts=683e5d5c&gaa_sig=v41u24s9a8TJaRyiF3v5Q_NTEvlDe_pk5FcSjY03QxYGX3rgN_CmvkGoq196V990awwswHamXb4BVkTLwo-DnQ%3D%3D
Much closer to #26 than #6 in the US according to LSEG
How is this is in any shape or form relevant to what I said? I swear, you guys who just hate on UBS don't actually engage with what other people say. I never said UBS is good at IB... I am stating what everyone who's worked at any senior level within UBS has already known: the focus of UBS as a bank is on it's WM services and its operations are focused on WM growth. GB is an ancillary revenue source that is intended to be an upsell and to provide more services to its WM clients.
Are you suggesting there are another round of layoffs coming soon?
Typically post interns leaving cause they got to make room for the new hires
As a firm, the acquisition of CS was good for UBS. Good for shareholders.
For most employees of both firms, it has been a clear negative. Lots of careers upended that otherwise wouldn’t have been.
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