So my friend was one of the ones that got cut and he said so was 50% of the class. 2 days before bonus.
Seriously, is it that bad out there still, or this has become the new norm in industry regardless of the economy etc.
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com'on, it's an european bank, what can you expect?
2 days before bonuses... Talk about a kick in the dick.
Do I really have to say it?
UBS Sucks.
And this is by far... the most dickish move since that thing where that Bernie guy took a few people's money.
BOOOOYAAAAA SKEEEEEDADDDDYYYYYYYYYY
Without UBS bashing, if someone could give a true answer why they did this? Poor deal flow? Over-hiring? Bad forecast? Current economy? All 4?
Just hope this doesn't spread and there's crazy industry wide layoffs again. 50% of an Analyst class seems so drastic.
50% of an entire class has to be the result of over hiring, right? That seems extremely high.
UBS sucks and IB revenues are getting hammered across the board, this shouldn't be a suprise to anybody as cutting jobs and dicing wages is an easy accouting trick to meet EPS expectations and a favorite strategy of financials when the sector is anemic overall.
General question - what are people's thoughts on UBS ex-IBD? Like their asset mgmt biz for example
Their AM and WM divisions are strong. But if IB keeps lagging and losing money who knows whats going to happen overall
where were all these cuts made? New york or Toronto too?
All in IBD or any Securities too?
Holy cow! How bad is FT recruiting going to be?
-LevFinGS, check your inbox
Hopefully they'll get some compensation signing those non disclosure/cant sue contracts but working 90 hrs for no bonus is awful.
UBS is failing - read the trend
Moelis UBS LA Lorello UBS Healthcare
More recently, Wolf.
These guys can smell shit from a mile away.
Wow. Would not go to UBS for FT.
Really, if UBS was your only offer you wouldn't go there? I mean it's a shitty situation and sucks for those guys, but getting canned 2 days before bonuses is exponentially better than not getting an IB spot period, imho.
Jesus. Is it really that bad there?
any bank that cuts analysts is shit. UBS's reputation is permanently damaged.
damaged to who..college kids? I think they'll get over it.
Completely disagree. Working that much for a year, expecting to finish out a 2 year program with 2 years of bonuses and make the jump to something else and instead being unexpectedly let go before even a single bonus is paid out is worse than not getting into banking at all the way I see it. A whole year down the drain with not much to show for it.
What?! Speak for yourself man, lots of guys would kill just to have the experience on their resume, myself included. It's a terrible, shitty situation, but they're still waaayy better off than the guys that didn't break in and I'm not just talking about compensation. They've got a year at a BB bank, a decent skill set, some transactional work, all the polish that comes with 8000x turns and markups on their work, and probably a decent network of peers to reach out to. Let's see what the Corp Fin. F500 guys have hmm... still less pay, 'free time' to watch re-runs of 'Tosh' and go to the bar, barely functional Excel skills, a barely intact IB network. These guys got jerked around and that sucks, but they'll land on their feet somewhere else. Not the same for the majority of the F500 guys who are 'stuck' till an MBA upgrade.
I see moneymogul's point - a lot of these analysts had hopes of getting at least MM buyside jobs or other competitive positions they would not have ordinarily been able to get without the 2 year analyst stint under their belts. For a lot of them, those dreams are out the window and they might be forced to settle for positions that they could have had right out of college to begin with. Yes, the 1 year in banking provides valuable experience but most people want something to show for it to make the long hours, etc worth it.
Let's be honest... their modeling skills are probably on par with yours if they're cutting this many. On the other hand, they're probably leaps and bounds ahead of you in powerpoint.
I posted the DB leak about this the other day...and it said 30 analysts. Some have said less, some more. Regardless, UBS' problems were well known long before this. Hell, the WSJ did an above the fold story on the mass exodus from their IB product and coverage groups earlier this year. Comes down to: banks are having some issues, European banks are having worse issues, and UBS is the worst of those having worse issues.
Things didnt look too great at the end of last summer and FT associate recruiting was still really strong out of my MBA program. We'll know soon enough if that carries over.
these threads should serve as a reminder to all you prospective fucks out there that "BB or bust" mentality is a retarded way to approach your first job. all of you who say you would take this FT have obviously not had enough ib weeks, if any, to be throwing that sort of asinine comment around. to be cut two days before - let's be honest - the ONLY thing you worked for, add to that your career ambitions getting slaughtered, all in one of the worst job search environments in history is absolutely not worth it.
cut the bullshit about the "experience", everyone works for the $. don't lie to yourself and say you would take this job for all-in 40-50k.
i would have taken any fp&a, f500, am role over a bumblefuck place like UBS IBD. most definitely mm, most definitely boutique ib. if you're in the business you'll realize very few names carry value. ubs, and most bb's, do not. not in the way you think.
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