UBS’s M&A BANKERS ARE DOING TERRIBLY. $200M EXTRA IS BEING CUT
The headline figure, of course, is that UBS’ M&A bankers oversaw a nasty drop in revenue – down by 44% in Q3 of 2026 compared to Q3 of 2025. While banking revenue can be complicated by when exactly deals are booked etc., it’s still not a good result; banks such as JPMorgan and Morgan Stanley are up 30% in the same period, while UBS’ main European competitors, Deutsche and Barclays, are up by 19% and 13%, respectively.
The Barclays comparison is particularly painful. UBS has spent years hiring from the British bank, paying huge, allegedly guaranteed bonuses for “top performance”. That hasn’t materialized, and if anything, UBS has slid further and further down the banking league tables over the years, especially in North America, where a lot of the new Barclays veterans joined.
Probably unrelatedly, UBS has found some more cuts to make. “Additional efficiencies” being “identified” this quarter raised the firm’s cost savings target from $13.5bn to $13.7bn. Around $500m of those cuts are still due to occur in Q4.
JH has some explaining to do, or really additional bonuses to simply pay himself to buy a 2nd westchester home
How are JH and MV still employed?
Spends too much time in the gym downstairs and looking at himself in the mirror
Guys, do we still think they can become #6 in the Americas?
With better leadership for sure
With current leadership no
Congrats on UBS!
Incoming 2027 intern, should I be worried?
You should be applying elsewhere, I hate it here
What’s so bad about it? I see people complain here a lot but assume it’s exaggerated
Renege, rerecruit, do literally anything else with your life I beg you
Down 44% YoY while peers are up 30% over same timeframe.. just completely disgraceful
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