The demise and now rise of UBS?
So I just read that UBS is trying to revive its once notorious public finance division by bringing some top dogs from JPM and WF. Is this UBS trying to become more competitive all while they've been shrinking their IB division? Doesn't make much sense. Maybe I should look at some earnings calls.
Pre-crisis:
http://www.nytimes.com/2008/06/06/business/worldb…
A decade later (paywall):
https://www.bondbuyer.com/news/ubs-taps-hill-geny…
Interesting to see them start in a mature industry with tight commissions on munis and uncertainty in capitol hill. What do you all think? Strategic or desperate?
If this is really happening, they're making a huge mistake. The pension obligation crisis is accelerating and federal tax reform may exacerbate the situation. I thought they weren't gonna play in debt anymore?. I know they may think tax exempt is synergistic with AM, but the yields/spreads are too small to matter.
Public Finance is an area that will always be around. Regardless of the proposals to cut advance refundings and public purpose financings, there’s still plenty of money to be made. Yah the PF guys are pulling in $7/bond on AAA credits, but that’s still money. I think it’s just another avenue for them to make consistent revenue. Bankers can do like 50 GO/Sewer Water Rev deals a year, and when you do volume that shit adds up. That’s just my two cents.
The only reason they would get into the PF business is teeing up to sell the PaineWebber arm of UBS (PF falls under Wealth Management at UBS). Margins are too tiny for anything else to make sense imo.
I think it'd be the opposite, actually. UBS has been known to try and take the same route MS is taking; to strengthen their wealth management arms and provide better products to their clients. I mean, they are one of the largest private banks and are strong internationally. Could be a way of allowing oversees customers to buy into US markets through munis. But it still seems weird to see them pour resources into a new PF division when their IB has suffered so much from being top 5 pre-crisis
What do you guys think will happen with UBS? (Originally Posted: 03/17/2008)
Will they spin off some businesses to soften the blow?
I think UBS is gonna take a big hit...spin off...not sure...what divisions do you think?
I've seen articles floating around that they may spin off wealth management, but I find that hard to believe. Also they are top 6 in M&A activity so far this year so it seems odd to spin off IBD.
IMO, if they were to spin off a division it would be their IBD. The bread and butter of the company is their commercial bank in Switzerland and their Wealth Management Division. I believe they have the largest number of financial advisors in the world. This business also tends to stand up better in a recession.
Bloomberg reported today that they may fire 8,000 employees across all divisions.
UBS = U've Been Split.
HA HA!
how long before this happens?
yea, what are people hearing will happen now?
I think UBS will eventually be sold to HSBC, whether it'd be their private wealth management or IBD.
not going to happen, at least based on the impression I'm getting from the internal memos.
internal memos can say whatever they want... they still split into 3 separate divisions, right? didn't they say the weren't going to do that too? mgmt will do whatever the hell they want w/o having to explain to anyone
Its always been 3 separate divisions.
any new thoughts on this after today's developments?
any new thoughts on this after today's developments?
They've been partly nationalized, but they won't be the last bank to do so. At the very least they can start returning to business as usual. They turned a profit this quarter, which in and of itself is a feat given the conditions. IMO they're not going anywhere. Maybe they spin out IBD down the road, but right now who's going to take that from them unless it's at firesale prices akin to Wachovia/Lehman/Bear?
I will say this though, I think they would've been wiser taking money from sovereign wealth funds like CS did. The Swiss regulators and that new 9% stake may force them to take some crazy capital restrictions, which would obviously hurt their ability to take advantage of their big balance sheet (which some would say is their strongest asset).
[quote=gomes3pc]They've been partly nationalized, but they won't be the last bank to do so. At the very least they can start returning to business as usual. They turned a profit this quarter, which in and of itself is a feat given the conditions. quote]
They did NOT turn a profit this quarter.
the top talent is leaving because they can't get paid - the prize US IB business were Healthcare (IBD), Equities (S&T) and FX.
The latter 2 businesses have seen steady defections since the end of 07 - even before the nationalization wave - because UBS pays bonuses largely based on firm-wide performance, so Rates/FX/Equities/High Grade got paid shit, just like HY/LevFin bankers/mortgage and structuring desks.
Most of my friends in UBS IBD are/were in LevFin, FIG, and Industrials, so I'm not sure how healthcare is doing (although they lost an analyst from the 07 class in fine fashion, remember that great exit letter?).
I'd say the American investment bank is done for - they'll eventually sell off divisions to garner what value they can before people quit. Wealth/Investment Mgmt will maintain a strong global presence, and IB will be moderately strong outside the US.
You do know that the groups in NY are global, right? They handle deals all over the world...I believe that makes a difference.
UBS's global IB HQ is in London. Most of their mandates are in Europe or Asia. IBD-wise they are struggling in the US.
Just my 2c.
Stream of people leaving UBS... what does it mean for me? (Originally Posted: 03/25/2009)
I'm starting full time at UBS in the summer. I wanted to see what you all think about the steady stream of senior bankers leaving UBS now? Will it end up being enough to make the bank not need as many junior bankers (like us new guys) or will it not really be that big of a deal once the ones who are planning to leave finally get out of there?
The surprising thing is that DB has so much money to throw around. They've been hiring right, left and centre.
All banks that have been crunched are bleeding people (ML, Citi), so it's not a UBS-specific phenomenon. Although, the 80% fall in bonuses didn't help either.
UBS have, historically, been known to buy the top talent when they need it, so don't worry, when the markets turn around uncle UBS will make sure that the ranks of rainmakers are full again.
With regards to the junior bankers, I have no idea. A lot depends on the future market conditions.
Just my 2c.
I see it as an opportunity to junior bankers in the future ---> there will be the need for senior people in 5 or 7 years, so who is starting now has a good chance to get these positions (also consider that some of these senior guys are taking or will take this opportunity to open their very own boutique bank - like happened in the past when these M&A cycles were down)....
some of the senior guys in your coverage groups are locked in... some are not. even if everyone who isn't locked in were to leave, which they won't... there would still be a need for you to start this summer and hang out long enough to figure out what to do with your life
delete
cool story bro. but , repost.
FUCK! FUCK! FUCKING FUCK! I HATE MY LIFE! I AM SO WORTHLESS!
that is 2 days old
@whateverittakes do you work at UBS?
http://news.hereisthecity.com/2011/05/05/rumours-of-mass-defections-at-…
[quote=awm55]http://news.hereisthecity.com/2011/05/05/rumours-of-mass-defections-at-…]
+1. I was about to post that. Can't put all that much value on rumors and chatter among little pre-pubescent boys on internet forums. UBS is a bulge bracket bank, no matter how you slice it. At this point in time there's no indication that they're going the way of the dinosaurs to say the least.
well it has been a while since i was pre, or even recently-post pubescent. Hereisthecity is based in london and tends to be eurocentric. I think most ubs haters would even acknowledge the strength of the brand in Europe, and many of the hires that article touts are in the Eurozone.
But, that article is taking a short-term view of a problem that has been going on for a while. Yes there were some big singular losses (though they excluded the the head of comm banking leaving to go back to CS 2 weeks ago) and apparently some hires to fill some voids, but they seem to ignore the fact that entire teams that have left in the last 2 years (energy, healthcare,,,). Those are things that have not been corrected, and a few hires in Austria aren't going to do it.
Not saying they're dead by any means, but i don't think the exodus, especially in the US, have been exaggerated.
I think at this point you are not just beating a dead horse - you are beating off a dead horse
I don't think UBS really is a dead horse. Can't we all appreciate some fucking hyperbole every now and then? Had things turned out differently and I only received an offer from UBS, I would have gladly taken it.
i'd say beating off a dead horse is an even better metaphor for the futility of an effort than beating a dead horse. So CAN you appreciate a f-ing hyperbole?
It looks like the topic is a personal one for you; why don't you tell your story instead of reposting links from the internetz and expecting us to understand why you feel so worthless, or why this is of such interest to you.
Wanna fight, bro?
No. Because even though you are the one starting, I would probably be the one getting assault charges for beating you to a pulp.
I feel like UBS is having a hard time in IB. I don't really know how it was before the crisis but now UBS is clearly lagging behind its competitors in IB.
If you look at this link, you'll see that UBS revenues are significantly smaller than any other BB (apart from MS, any explanation on that ?)
http://www.efinancialnews.com/gallery/in-pictures-q1-results/7
And it also shows that GS is still above everyone else in the street in term of size. I don't really know if the same activities within each bank are taken into account in these numbers though.
Dollyship...great link from Q1 2010...Thanks for your contribution.
Are you trying to join in on the fun?
This had me rolling man. Real wild
UBS was pretty decent before the crisis. I think they're just having a hard time trying to get their mojo on post crisis.
UBS bankers heading to Citi yet again (Originally Posted: 06/01/2011)
http://blogs.wsj.com/deals/2011/06/01/breaking-UBS-loses-co-ma-boss-car…
I feel bad for UBS. all their deal makers are leaving, and the sad thing is that their downfall has almost single handely come at the hands of either Citi or bAMl.
It's not Citi nor BAML's fault that UBS bankers are defecting, are you kidding me...
I actually just talked to a buddy of mine at UBS this afternoon to see what the hell is going on over there, the wheels are apparently starting to fall off. He said on a typical day over the past month, up to half his entire group, from senior MDs right on down to 1Y analysts, wont even be in the office because they're out interviewing at other banks. Its apparently so commonplace, people just accept it now.
I have always wondered this. What happens if it gets this bad? I mean how can you run a business that requires this much dedication if people know they aren't going to get paid well for the job they do?
UBS was moronic for not paying well this year, they knew their top guys would get poached and now they are in the position of having to give enormous guarantees to get people to come over from other banks (god knows how much they had to pay to get the energy team from MS). All this does is reduce the bonus pool for everyone else.
Of the main investment banks they are BY FAR the best capitalized, so they have the resources to pay but they just don't seem to be ponying up. Not a good idea in this industry.
Lol 1Y analysts are probably recruiting for PE positions and not for Jefferies. Can't speak for the MDs.
That being said, http://nyti.ms/kjuPSZ says they picked up a dealmaker from DB, and http://dealbook.nytimes.com/2011/05/25/ubs-hires-2-energy-bankers/ shows a couple more higher level people from MS that followed Langford over to UBS.
Banking is a revolving door lol. Situation at UBS is pretty meh compared to that at JPM, but it seems the people most concerned are senior staff at UBS over pay and WSO monkeys who don't have jobs in the industry/want to make their job at Jefferies/Piper/HSBC/MacCap look "bulge bracket." At the end of the day, "prospective" BBs never really join/joined the ranks, while "struggling" BBs never left them unless they sold out to another firm.
That would be incorrect, my group alone has received 20-30 resumes from UBS over the past month or two from analysts trying to lateral out. To your claim more broadly, no, a stampede for the exit sign of this magnitude does not happen at other banks. Its cute you're trying to defend your bank, but this is a situation that is very uncommon, why else do you think the WSJ and Dealbook have deemed it so bizarre they've each run multiple articles calling it a "mass exodus"? The upshot is that prospective monkeys on this board would be well-advised to avoid starting their career at a sinkhole like this.
http://dealbook.nytimes.com/2011/06/03/ubs-hires-tech-and-media-banker-…
[quote=awp]http://dealbook.nytimes.com/2011/06/03/ubs-hires-tech-and-media-banker-…]
Hahaha, is this a joke? One no name banker from a 2nd tier bank like DB is a drop in the ocean compared to the legions of very high profile senior level bankers that have left UBS.
wow sounds like ubs is really going down the shitter
Yeah it certainly seems like people are heading for the hills over there, crazy stuff. I have a few college buds over there and it sounds like everyone who can is trying to lateral out.
I think its a domino-effect dynamic thats taken root over there; people see everyone around them leaving and before you know it you have entire teams of people (like their whole Healthcare group) peacing out.
i thought they are doing quite well... http://graphicsweb.wsj.com/documents/INVESTMENT/InvestmentBankQuarterly…
in many aspects they are improving..
I'd be pissed if I were a UBS shareholder... why isnt the management paying more?
UBS is already the bank paying the highest share of its revenue as comp.
what-do-you-think-about-ubs (Originally Posted: 10/24/2011)
Their synthetic equities team has been doing well..
Due to the recent scandal there will be some major restructuring going on... meaning that they are going to shrink their investment banking arm and focus on their private banking and wealth management services... I can imagine that recruiting will be a real bitch...
I have a couple of friends that work(ed) in their US group. I would suggest staying away as there is alot of uncertainty surrounding their employment status, compensation, and the bank's ability to generate new work due to the scandals. If you can't get in anywhere else, a BB is still a BB. That being said I would plan for a swift exit once you start networking.
I'm hearing HSBC is pretty well-establised in Asia. Citigroup is probably your best bet out of the three you mentioned... and yes. boutique over UBS
1 year ago, UBS was def tier 1 BB in Asia Pacific, while HSBC was at most at 2nd/ 3nd tier BB. I totally agree there is uncertainty regarding the investment banking division in the future. However, based on its last several months performance/ league table in Asia Pacific, UBS IBD still remians as top 3 BB.
For UBS specifically, I would definitely NOT apply to their IBD division, but go for AM / PWM, for the reasons mentioned (i.e. shrinking IBD, focus on AM/PWM).
The rest of the questions depend a lot on desk / division, but a good GENERAL rule of thumb is go for the best name (in like-for-like situations). For example, if you had AM UBS and AM HSBC, I would say UBS, but obviously it depends on what your career aspirations are, what group you want to be in etc.
It's a rotting carcass. Best to stay away until their future firms up. Only reason you shouldn't is if ur currently jobless. They are really in a death spiral with a crisis of leadership.
UBS sucks.
UBS is a great bank. I would choose it over evercore and greenhill
UBS in London is still top flight. UBS in the US is falling apart though..
How does the decline of UBS affect the future of Credit Suisse? (Originally Posted: 01/29/2013)
Obviously the connection between these two banks is huge given that both are Swiss, and that their survival is highly important for the economy of Switzerland as a whole. I take this to mean their government will do everything in its power to keep them afloat (though that did mean making them Basel III compliant before everyone else and potentially screwing them).
But I want to know what people think about the survival of CS as a major player in the banking industry given the fall of UBS. Does this make CS more likely to continue to be a bulge bracket firm? Will the Swiss make sure to support CS more? Will CS go the way of UBS eventually and eventually exit the fixed-income business to enter irrelevancy?
Seeking thoughts. Fear is that the lack of balance sheet will hurt it long term, but short term may be propped by country.
Gracias in advance.
Uhh...what?
Where do you see the "connection" between UBS and CS, other than both banks happen to be Swiss? UBS has been cited for terrible management at the top: buying lots of assets to build up the firm during boom years and now facing the consequences of being a colossal firm in a down cycle. Also as has been mentioned on this forum before, they hired far too many in the boom years and go on firing sprees during low markets.
So certainly UBS is a cautionary tale for the other banks. But again, fail to see how they are particularly similar to CS...? Obviously the concern of a balance sheet is tangible for CS, but they have been among the top-5 for global M&A for a while, are leading in emerging markets, and lead IPO underwritings in 2012.
Your question (IMO) is akin to asking if Citi/BAML fails, why not GS/MS!? They are all American banks and GS/MS don't have that big balance sheet like JPM (OMG!).
Think the demise of UBS is overdone in the media. It's still the #2 wealth manager globally. It is still the #1 bank in Asia for IBD/ECM and solid for DCM (think #4) there. Still solid in Europe. The US is the big weakness really. Equities still doing reasonable on par with DB, etc... and fixed income actually still exists (albeit less complex) post the restructuring.
FYI- and as mentioned above, UBS is experiencing the consequences of over-hiring and now they are cutting staff that the bank's performance has gone down. They are really experiencing the biggest problems in the US, and they continue to have solid (not great) performance in Europe and Asia. Wouldn't think there is much of a connection between them and CS.
Totally understand the GS/MS argument with Citi/BAML, but my fear is that UBS/CS are more closely tied given that the economy of Switzerland is more heavily reliant on banking as a whole. I would tend to say in the US it's not as big an issue. Not trying to make any statements whatsoever, just looking for info. I'm starting full time at CS this summer, and just wanted to see what people thought. Thanks for the responses.
I don't think this fellow knows what he's talking about.
It is actually a valid question in at least two ways. 1) that the Swiss regulator has been unusually focused on Credit Suisse, ostensibly for bringing greater risk into a more conservative, wealth management-oriented Swiss banking system; they are still finding it hard to digest that a non German-speaking American is the CEO and 2) that after the pop in UBS's share price, investors may pressure Credit Suisse into delivering similar results (their share price, as with most investment banking firms, has been lagging).
bump
UBS now = CS in 3-5 years. The structural and regulatory issues facing both are identical.
mountainvalley, the fact they are both Swiss is incredibly relevant.
What to do if about to start FT at UBS? (Originally Posted: 04/24/2008)
Especially to the more experienced people out here, what would you do if you were about to graduate in a few weeks and were goint to start FT at UBS Investment Bank?
What exactly would you do now, and what would you do differently over your time there?
I read all this info about UBS splitting up its bank and cutting costs in banking, but it is hard to determine how this will affect at the analyst level, and what to do about it. Thanks.
I will keep a lookout for other opportunities if I were you. Regardless of what people on this board tell you (that UBS is too big to fail, and will always be a BB blah blah blah - that kind of shit obviously comes from UBS analysts), UBS IBD is now fraught with uncertainty.
That bank's like a black hole now. A few months ago, there were saying that IBD is a core part of their business. Now they are saying that IBD will be reduced substantially in size and product lines. Who knows what happens in a few more months? Maybe shut the entire IBD down with pink slips all around?
One of my friends who's going to be FT at UBS LA is looking around right now just in case. I honestly don't know whether he's being smart or paranoid.
Based on UBS' recent statements, it's difficult to pinpoint what exactly they mean when they reference "the investment bank." When UBS references its investment bank, it is talking about IBD** AND all the capital markets functions (S&T, prime brokerage, derivatives, etc...)The wording leads me to believe that the proposed withdrawal from "investment banking" actually means: - put the brakes on proprietary trading - partially/entirely withdraw from structuring exotic fixed income products - reduce IBD headcount to match the decline in market-wide dealflow (as all banks are doing)
**To be clear, I'm using the term "IBD" to describe sector coverage, M&A advisory, and equity/debt/LevFin/etc product activity.
To address the OP's question: I'm not sure who on this forum is interpreting UBS' treatment of "IBD" vs "Investment Banking" correctly. Delirium2 is correct to point out that there is clearly a shitshow at UBS right now. However, think the most recent announcements signal substantial layoffs in trading and structuring functions but seem to indicate that IBD sector/product activity (what your friend will find at UBS LA) will experience milder layoffs.
Bury Bonds, I could not agree more that it sounds like they realize their losses stemmed from a small part of the business, and they are going to pull back on that. They surely understand that doing IPO and M&A work is profitable for them.
But I wonder how much dealflow will slow if they get worse about using capital to attract business (why Moelis left), or about underwriting debt deals. And also, how a spinoff would affect an analysts' experience there. Do you think that 2 years down the road, PE firms and HFs will still look favorably upon UBS analysts, and realize that it was just unlucky timing?
Another thing: I don't think a spinoff of the bank would be too bad for bankers if done properly and good leadership is put in place. But what are the chances it is sold to a competitor BSC-style?
Any and all opinions are appreciated.
Those are questions that I obviously don't have concrete answers for. My comments:
re: Dealflow and capital usage If I recall correctly, the one place they seemed over-reluctant to deploy capital was leveraged loans. That decision turned out for the best. Using capital to win deals will still go on. For example, the recent KCI/LifeCell deal ($1.7B) was a cash deal and I'll bet that a decent chunk of JP Morgan's change was involved somewhere along the way. However, this is nothing like last year when banks were effectively buying league table cred via massive LevFin commitments (if you want a neat example, read up on the package Credit Suisse offered in the hopes of attracting a rival bidder for TXU last year). If your friend is joining a group that has a strategic M&A focus (as opposed to sponsor-driven/financial M&A), then he probably has less to worry about.
re: Spinoff I don't work there, so I am only going by what I read. The consensus seems to be that the investment bank could not be carved out because it wouldn't be adequately capitalized. Divesting it to competitor is probably impossible at the moment given that it would require substantial appetite and funding on the part of the buyer (neither of which seem to exist right now).
re: Exit opps If the analysts are still getting decent deal experience, I would venture to guess that opps will not be massively compromised in the near future.
A rumor that I heard from several senior people is that HSBC is involved with Olivant. Nobody knows to what extent. Whether their role is simply as a generic prime broker or whether they have some sort of interest in parts of UBS remains to be seen.
A good deal of people at UBS are taking a look at their options. I said it yesterday, but I'll say it again. Uncertainity at the bank makes it extremely hard for them to retain and recruit talent. Yes, it is a horrible job market right now, but everyone on all levels are checking out their options.
I agree with Bury_Bonds in that the "Investment Bank" and IBD are quite different. Headcounts will be reduced, but the severity will depend on the divisions and its contribution to the current situation.
One last note: There was a good deal of reaction to Rohner's comment that the PW/AM/CB would no longer subsidize/finance the operations of the IB. Many people took that to mean a seperation or a major cut in products. If you read UBS report on their subprime losses published on Monday you will understand how the losses were created. Basically (I am not a trader) it was a carry trade financed by a low cost of funds (swiss deposits..ect) which bought higher yielding but risk free assets (by selling the first 2% of losses) and immediately generated profit at a risk free return (cough cough LTCM). They did this on such a huge scale and over several divisions and managed credit but not market risk, and this was their main flaw. From what I took of it, this scheme was being shot down by Rohner in his comments and does not nessecarily mean as draconian cuts as some believe.
What is your opinion on the UBS quartely results? (Originally Posted: 11/03/2009)
What do you guys think about the results of UBS for the third quarter and the outlook for 2010?
Could be better.
Too early to tell. 2010 will be crucial. If they are not out of the woods then (in terms of it's WM - no-one gives a shit about IB or WM US any more) then road to recovery will be painful, very slow and UBS will lose what is left of its prestige and clout. Then they will be known as the poster child of the credit crunch as WM was considered to be the money machine that would be working no matter happened to the world or IB, but as the 50% drop in it's WM arm show, that is painfully not the case. If in 2010 they post a profit, get some inflows in WM, WM US and GAM then they'll rebound into top league just as they have post LTCM. But in all Q3 result really means nothing in terms of UBS outlook, just that we'll have to wait a little longer till we get to the cross-roads.
UBS is exiting its U.S. operations. Sure if you wanna be in Europe or Asia, it's a fine bank, i sure wouldn't do anything with it for the long term in the united states though. rather work at JEFFRIES ROFL
UBS - What do you think? (Originally Posted: 03/23/2011)
So everyone knows UBS has had some tough times. Is it still a BB though?
Everyone knows people like pivot1990 who works there and constantly trolls for it on this forum but does his insecurities originate from his inherent inferiority or from the inferiority of UBS?
Tell me your stories
in before 6 page thread.
There's literally an identical thread posted yesterday that's still active.
http://www.wallstreetoasis.com/forums/why-is-ubs-not-a-bb
How hard can you troll?
It's a BBB. No, wait, it's a AA. abcd?
Yes, it's a BB.
What's the verdict on UBS IB? (Originally Posted: 01/01/2012)
Remember reading an article in the fall (around Sept. I think) saying UBS might spin off its IB division. Havent really seen anything new on it. I believe they are cutting 2,000 witihn IB though.
If you haven't see anything new on it you haven't looked. This was widely documented and reported.
Go to their investor relations website and they'll show you which areas of the IB are staying and which are going. It boils down to this - they're mostly scaling down prop trading, and other types of trading. Most core trading and IB groups (M&A, LevFin, Corp Lending, etc etc etc) Are staying and may even grow.
Locked-out UBS traders head to the pub (Originally Posted: 10/31/2012)
Found this article today... There are similar articles on WSJ and FT... This is quite ugly...
LONDON, Oct 30 (Reuters) - Dozens of UBS traders spent their day in the pub rather than at the Swiss bank's London headquarters after they found out that their security passes no longer worked.
The traders - many of them from the bank's fixed income department - soon discovered they had been put on two weeks special leave as part of UBS's plans to cut 10,000 staff in a retreat from fixed income.
As more turned up for work queues began to form at the bank's doors until some took refuge instead in the Railway Tavern pub nearby.
"I came into the office at twenty to seven, my pass didn't work so a beefy bouncer took me to the lift, where a different beefy bouncer was waiting for me," said one trader in the Railway Tavern, next to Liverpool Street station in the heart of the City of London financial district.
"I came straight here. Well not straight here because it only opened at 8am - I went ... for a coffee and breakfast (first)," he said.
Inside the pub, more than 20 UBS traders stood around drinking pints of lager and cheered as more arrived.
They said they had been given letters putting them on paid leave until further notice. But the traders have not been formally let go or even officially put at risk of redundancy.
The letters mark the start of a consultation over jobs at UBS related to its restructuring in fixed income.
UBS declined to comment.
A security pass that no longer works is often the first sign for a banker that all may not be well with his job. Investment banks do this to try to stop sensitive data leaving along with staff.
The UBS traders turned away on Tuesday were either handed their belongings in plastic bags, or had to call colleagues inside the bank to bring down their possessions.
Those affected came from a range of teams, they said.
"It was like salami slicing," said one young trader.
Some said they were shocked by the scale of UBS's cuts, saying they had not believed 10,000 jobs would go.
"And now I'm here," said a third trader, as he left the Railway Tavern pub for lunch with colleagues.
Most were still wearing their work suits, though one had changed into jeans and a T-shirt and returned to spend the day with colleagues.
Some were philosophical about the cuts.
"It's the right decision, even though it's horrible for me," another trader said. "The City (of London) is changing -- and this is part of that."
"I don't know what I'm going to do ... we'll see."
That's a shitty way to be fired.
Same comments in FT "Some 100 of the Swiss lender’s fixed income traders in London discovered at the turnstiles that their passes were no longer working when they tried to get to work on Tuesday morning. Other bankers had been contacted by phone or discovered that they might lose their jobs when their email repeatedly bounced back"
we went for a slap up lunch with two of them recently, then to sushi samba, they bought the champagne and food. was a good day....the next day, they were let go
but com'on, The Railway, they could do better than that surely
UBS to Pay $1 Billion in Interest Rate Manipulation Settlement - Dealbook (Originally Posted: 12/13/2012)
http://dealbook.nytimes.com/2012/12/13/UBS-expected-to-pay-at-least-1-b…
UBS is expected to pay more than double Barcap's fines, with RBS and DB as the next banks likely to pay fines. What are your thoughts on current and future developments in the LIBOR scandal?
UBS just can't catch any breaks
UBS is hiring (Originally Posted: 05/07/2015)
According to the WSJ( http://www.wsj.com/articles/ubs-sets-sights-on-u-s-investment-banking-a…) it looks like UBS is trying to get back in the game. They hired 25 senior bankers and are looking to keep expanding. UBS takes some serious heat on this forum compared to other BBs. I'm interested to see how their investment banking arm performs in the next couple years. Anyone got thoughts on how UBS will do going forth?
You're mad cause my style you're admiring, Don't be mad, UBS is hiring
deleted
+1
2nd year friend tells me headcount is still fairly low but deals and placement on the buy side is still very competitive.
UBS is and will always be shit. I legitimately feel bad for anyone who has to work there
don't cut yourself on the edge there friend
I hope you're joking.
People on this site literally talk about UBS like it's run by high school dropouts out of the third floor of some strip mall in the middle of bumblefuck nowhere. Is it a GS/MS/JPM? No, but it's still UBS for Christ's sake. Dismissing them as a player would be a mistake.
People on this site just get too caught up with hating on places like UBS and Piper Jaffray. At the end of the day I know analysts from both that ended up successfully going to PE at solid MM shops.
Additionally, you're still in a much better position to lateral to a JPM / MS / GS coming from UBS than Big 4 accounting or something. I'd be interested to see the ratio of kids on this site that even got past the phone screens, and then the conversion rate from that.
UBS hiring spree (Originally Posted: 08/15/2011)
UBS is actively poaching upper mid, and upper tier producers in IBD/AM/PWM, I don't know about trading. They're also poaching entry level people. If you couldn't get a job anywhere else, I'd apply there.
That is all.
MD told me last week that they aren't increasing headcount...
Take the hint?
Just kidding, had to... too easy! But on a serious note - if this is true, good news!
Pretty sure they have a hiring freeze and are planning to lay off 5,000 people. They might hire some MDs in IBD to replace the ones they've lost but that's probably it. Definitely no hiring spree brah.
yeah they definitely have a hiring freeze on right now and are planning a huge number of layoffs. not sure where you got this info from..
Perhaps too much enthusiasm on my part. Bunch of guys from here just left for there and I'm thinking about doing the same. Everyone left at the same time and their understanding is that they're being bought in before the fat is trimmed out.
They have poached upper level, not lower level. I know an associate over here in Houston and he said it is uuuuuuugly!
I can confirm, that they are trying to hire senior people, that can bring business, cause of the amount of top MD they have lost. As far as analyst and associate go, I dont know. But I know someone who works at a recruiting agency and are tying to get group heads and MD from other banks.
There's no rush to jump, but the best time (for me at least) to go to a company is during/right after severe bloodletting because it's wide open for a while and there's plenty of chaos to take advantage of.
10,000 is the last number I got for UBS layoffs
it's over 9000. I see what you did there.
UBS on the path of resurgence (long post but very interesting) (Originally Posted: 01/30/2014)
Read this article on forbes India Shows what you can do if you have the right type of people.Also has something related to recruitment in the PWM department of UBS at the end.
http://forbesindia.com/article/cross-border/ubs-chief-sergio-ermottis-bull-run/37003/1
Thanks to some fortuitous timing Sergio Ermotti ended up with the top job at UBS, but he really hit the jackpot when he found that his former boss was already transforming the troubled bank into a wealth-management juggernaut
There is an adage on Wall Street: “It’s better to be lucky than good.” And if ever there was a banker with luck on his side it’s Sergio Ermotti, the global chief executive of Switzerland’s UBS.
Less than six months after he joined the bank to run its European, Middle East and African businesses in April 2011, a rogue trader in UBS’ London office lost $2.3 billion on a series of derivatives trades. The scandal forced the bank’s 67-year-old chief executive, Oswald Grübel, to resign. Suddenly, Ermotti was next in line to run the 152-year-old Zurich-based bank. By November he was CEO, and by 2012 he was the highest-paid member of the bank’s executive board. Good timing; great luck.
But Ermotti, 53, is also good—very good. He has had a singular focus on banking since age 15 when he took an apprenticeship at Switzerland’s Corner Banca, where young Ermotti learned to sell stocks and trade them. Eventually he got a certificate in Swiss banking and earned a master’s degree in management from Oxford. In 1987 Merrill Lynch hired him, and he spent 16 years climbing Merrill’s ladder in Europe and New York, becoming global equities boss. Charming and likable, with movie star looks, Ermotti parlayed the Merrill experience into the role of deputy group chief executive at Italy’s largest private bank, UniCredit. After being passed over for chief executive he took the job running Europe, Middle East and Africa at UBS.
Given the state of global financial services in 2011, one might think that landing atop a European bank was as much a curse as a blessing. The financial crisis left Europe’s banks crippled, and most of them are still busy untangling and deleveraging their balance sheets. But once again Ermotti got lucky.
As chance would have it Robert McCann, Ermotti’s former boss and mentor at Merrill Lynch, was busy revamping the Swiss bank’s US operations. McCann, 55, had spent 26 years at Merrill, first in trading and running its brokerage arm. The two men knew each other well. Back in 1996 it had been McCann who plucked Ermotti out of the obscurity of Merrill’s European operations, brought him to New York and promoted him to head global derivatives trading. Ermotti would work for McCann for the next six years. “He was a good mentor to me,” recalls Ermotti.
By the time Ermotti took the top job at UBS, McCann had been building up the bank’s brokerage force for two full years. This stroke of luck meant UBS’ American wealth management business was turning around, giving Ermotti an engine of growth as his team furiously shed risky investment-banking assets.
In the last three years UBS’ wealth management operation brought in $137 billion in net new client money. It is the largest private banker in the world, with $1.7 trillion in assets. In 2013 it is expected to earn $3.8 billion on revenues of $31.6 billion. And it’s a strong bank: In terms of Basel III’s stringent capital requirements UBS has already surpassed its target and now has a common equity tier one ratio of 11.9 percent.
At the same time McCann and his non-US counterpart Jurg Zeltner were expanding the wealth management business, the bank was going through a massive downsizing. In 2012 UBS announced it would fire 10,000 employees in investment banking, and has culled more than $300 billion in risky assets from its balance sheet.
“Many said it was impossible to shrink the bank to greatness, but now we have silenced our critics,” says Ermotti, describing the bank’s strategy as centred on wealth management, yet “complemented by a focused and less capital intensive investment bank.” Ermotti the trader is executing perhaps the smartest trade in financial services today, reducing exposure to capital-intensive and regulatory-heavy businesses like trading and investment banking, and moving quickly into less risky businesses that provide smaller but steadier streams of income.
The math is simple: Shares of BlackRock, the world’s largest asset manager, sell at a trailing P/E multiple of 20 while the world’s preeminent investment bank, Goldman Sachs, has a P/E of 11. BlackRock’s shares are up nearly 500 percent in the last decade, Goldman’s are up 79 percent, but large, diversified banks like UBS and Bank of America have seen their shares fall about 50 percent.
A decade ago UBS was neck and neck with Germany’s Deutsche Bank, ranking third among global banks in terms of balance sheet assets, with $850 billion. Citigroup and Japan’s Mizuho ranked first and second, with about $1 trillion in assets each.
Today UBS’ $1.2 trillion in bank assets doesn’t even put it in the top 20. Industrial & Commercial Bank of China ranks first with $3 trillion in assets, and Deutsche Bank ranks eighth with $2.4 trillion.
But size is largely irrelevant: The real battle is to control the world’s $135 trillion in private wealth—a number that is set to take off as China and other developing economies grow rich.
Of course, the former Union Bank of Switzerland has long been a major player in private banking, also known as wealth management. In fact, most of the firm’s client assets outside of the US still come from its stronghold in Europe, currently run by Zeltner, 46.
One of Ermotti’s smartest moves after taking over in 2011 was refusing to sell UBS’ US business. In fact, far from jettisoning it, Ermotti further empowered McCann to rally his asset-gathering troops. Says Ermotti, “If we call ourselves the preeminent wealth management firm globally, then it would be impossible not to be a strong player in the biggest market in the world, the Americas.”
When McCann arrived at UBS in 2009 as CEO of Wealth Management Americas, UBS was bleeding advisors and assets. In three years the broker head count dropped from 8,248 to 6,796, and $32 billion in client assets fled. The division mounted losses of nearly $900 million.
Even worse were the constant blows to the bank’s reputation, which scared away customers and employees. In 2008 UBS had a run-in with the feds for a tax-evasion scheme. The bank was forced to pay $780 million and admit that its advisors committed tax fraud by helping their American clients hide money overseas.
Like Merrill, UBS was waist-deep in subprime debt and was required to repurchase $22 billion in auction-rate securities that had blown up during the credit crunch. Then came the rogue-trader incident, and in 2012 the bank was nabbed in a global conspiracy to rig interest rates. For that bit of malfeasance UBS paid a record $1.5 billion fine for a single count of wire fraud. Most recently, it is facing lawsuits after its brokers were revealed to be some of the biggest peddlers of overleveraged Puerto Rican municipal bond funds.
Former Merrill lifer McCann knows all too well how important reputation is in the money business. His stellar 26-year career at Merrill Lynch was capped by a shotgun marriage to Bank of America in 2009. It was heartbreaking for McCann, who rose from a trainee in 1982 to star trader to vice chairman of the company. “I had been committed to Merrill Lynch, and Merrill Lynch didn’t exist anymore,” he says, in his office at UBS’ Manhattan building.
McCann took eight months off. He did some soul searching, played golf and took a film class with his wife at New York University. When Grübel came calling from Switzerland to ask him to fix UBS’ operations in the US, it was a lifeline for the workaholic banker.
McCann’s first move was to re-assemble his A-team of old Merrill Lynch buddies, including Merrill’s key private-client execs, Robert Mulholland and Brian Hull; marketing head Paula Polito; its general counsel, Rosemary Berkery; and the former global securities lending chief, John Brown. To get the rank and file to buy in and thereby avoid “mini-Merrill” criticism, he elevated several UBS executives, and retained Tom Naratil, who was CFO of the Americas.
When the team arrived broker mo-rale was terrible, partly because of the bad press but also because the advisors felt the home office in Switzerland was both ignoring them and burdening them with crappy products.
One example: A UBS credit card that was foisted on brokers and their clients in 2005. The Visa card sported such stringent antifraud restrictions that it declined payment as much as 50 percent of the time, according to Berkery, who now heads up UBS Bank USA. One of UBS’ own advisors warned Berkery not to use the card. “That’s a bad sign,” she says.
Within a month of McCann’s arrival he decided to fly in UBS’ top 270 advisors for a dinner at New York City’s Gotham Hall. In his postprandial speech he pledged to spend his first 100 days listening to their problems, fixing them as quickly as possible and figuring out a new strategy. And, indeed, for the next three months McCann and his pals from Merrill— known internally as the “renewal” team—spent their days on the phone with their brokers, hearing their problems and fixing the ones they could easily address, so-called “Quick Wins”.
Some 400 changes were made under Quick Wins. The paranoid credit card was terminated, approval of marketing material was moved down the ranks and the limit for fast credit line approvals for high-net-worth clients was lifted from $4 million to $5 million.
The renewal team also created a financial-advisor council that relayed advisor’s gripes directly to McCann. Martin Halbfinger, an advisor with $3 billion in assets, was one of the first to head the council. The rule was that complaints would be responded to within one day. “There used to be a black hole to which we’d funnel our complaints, but suddenly we were all amazed how that turned around,” Halbfinger says.
“People couldn’t believe it when I responded to their e-mails or calls about problems. Some of them hung up on me, thinking it was a goof,” McCann recalls.
Ninety-nine days after the Gotham Hall meeting McCann’s team presented its strategy: A strict focus on high- and ultra-high-net-worth clients in the 25 largest American cities. They would be client-oriented and focused on financial advice. “It was incredibly important that the message was clear,” says McCann.
Another thing would become clear. McCann wouldn’t tolerate slackers. Anyone generating less than $250,000 in fees and commission annually saw their pay reduced. McCann recently upped the threshold to $325,000.
He also went after institutional bloat. McCann began shutting down some branches, consolidating others and eliminating layers of management, including 25 managing directors. Nonfinancial advisor employees were reduced from 11,200 in early 2009 to 9,191 in 2013. The unit’s cost-to-income ratio has dropped to 87 percent from nearly 100 percent in 2009.
In an effort to jump-start asset inflows, McCann recruited top advisors with big sign-on bonuses. In 2012 UBS spent $679 million bringing in new brokers. “That’s 10 percent of the annual net income of McCann’s unit. It shows you how much emphasis McCann is putting on the right producers,” says Alois Pirker, an analyst at Boston-based Aite Group.
It is also starkly different from the industry’s usual “amass the biggest army” approach. McCann employs 7,000 financial advisors. Bank of America Merrill Lynch, Morgan Stanley and Wells Fargo have between 15,000 and 18,000 each. But McCann’s troops are higher-quality, with the average broker generating $1 million in annual revenue, versus $848,000 for Morgan Stanley and $865,000 for Wells Fargo. Only Bank of America Merrill Lynch, McCann’s old employer, has an average broker production rivalling that of UBS. Says Brad Hintz, an analyst at Sanford C. Bernstein: “UBS goes after the best of the best advisors and argues that scale can be overcome by quality.”
It’s working. In just the US net inflows amounted to $36 billion in the last two years, and in 2012 McCann’s division posted a record pretax profit of $873 million, up 40 percent. Results should be even better in 2013. Attrition has been stanched, dropping from 15.3 percent in 2009 to 2.2 percent in 2013.
McCann’s success has been rewarded. He’s on UBS’ global executive board and is the second-highest-paid executive at the bank, earning $9.4 million last year, just behind Ermotti.
He doesn’t just run UBS’ brokerage force in the Americas; Ermotti put him in charge of its US investment-banking and asset-management business. Still, no one thinks a Pittsburgh native like McCann, who is two years older than Ermotti, has any chance of nabbing the top job at the giant Swiss bank. And given how much UBS has riding on wealth management and keeping its American growth engine chugging, Ermotti needs to keep finding new ways to keep his lucky charm happy.
Have you actually copy pasted an entire article from a magazine?
Why?
The link would've sufficed.
can get a tl;dr please?
Cliffs?
tl;dr - UBS on the path of resurgence - long post but very interesting
Great for wealth management. Not so much for IB.
This is hilarious. They attribute the turnaround to senior management, but my consulting team actually designed the whole plan for them. Literally loling because I spent so many sleepless nights making slides for this.
The purpose of a consultant is for mgmt. to take credit when things go well and blame the consultants when they go bad. So I'd relax trying to take credit for something that UBS paid you good money to devise. At the end of the day the management team of UBS could have gone a different direction, but decided not to. They deserve credit there, and more importantly deserve credit for executing on it. Not to bash on the consultants, but if you give someone a good idea and they can't execute then your idea is worthless in my humble opinion.
Oh, I know. This is why I left consulting. You are, however, incorrectly assuming that we didn't run the implementation effort for many, if not most, of the changes. I agree with you - an idea is worthless if you can't execute it.
I just love it when consultants believe that they are the one dictating everything. So cute.
UBS hiring freeze (Originally Posted: 07/20/2011)
UBS: Hiring on ice
This blows, since I had an alumni who was going go to the bat for me.
Fuck. Same brah.
unlucky for this summers interns
are summers getting their time cut short?
no idea, but im guessing chances of an offer just went down the drain
This is only partially true, they've been on a hiring freeze for a few months now, it's just been pushed into late summer, not indefinitely.
^Yeah i know that, but i just don't how much my contact will be able to help me if they are on a hiring freeze. Do you think recruitment for F.T will pick up for UBS this fall? Or will they give out less offeres for SA and then pick up during the fall. It just worries me since i go to a non target and have very few alums that are in and very few who are responding back..
Tough call, a few years ago when there were hiring freezes some of the BBs only took from the SA class and didn't do any FT recruitment in the fall, but hopefully this shouldn't be as drastic. You should just try to stay in touch with your contact, but remember it is the summer so things are probably slower and people tend not to respond since they're on vacation.
I think there's a hiring freeze at GS too.
Could be wrong, but I heard it won't significantly impact the hiring of junior-level employees.
Damn shame
I had a 2nd round last week at UBS, and another MD told me they are doing interviews for an analyst in August - so I guess it's not a full freeze
How'd it go? You got an offer?
2nd round for what? accelerated for 1st year? Or lateral? IB?
UBS, lol
God all of this news is killing me.
JPM is feeling it.
JPM is feeling what?
chi312 can you elaborate?
What is JPM feeling?
BTW my thread made front page on WSO. ;)
I've spoken to hiring managers at MS, UBS and JPM within in the past week and they all seemed to be hiring. Not sure if its certain groups/areas being hit or what
JPM only taking 40% of interns.. not a good sign for those applying for FT in the late summer/fall
I hope this is true, this would be a good thing, if they are going give out less F.T offers to S.A they might beef up F.T recruiting for fall. I guess only time will tell. Shouldn't offers be given out in the next 3 weeks?
Where's this info from?
Isn't it a good thing that JPM isn't taking that many interns (if it's true)? At least if the economy recovers, they will start hiring FT. Whereas before when they hired 90%, those who didn't do a SA had no chance of getting in.
All support level hiring at JPM has slowed down. The business leaders are essentially trying to discourage hiring of support level staff through a complicated process that has to be done for support level position hiring.
I don't believe that that JPM is taking any fewer interns than normal.. It's not going to make them want to do FT recruiting, I think they really stopped doing that (and with good reason, in my opinion). Although their intern class is fucking ginormous this year so the % accepted may go down.
JPM is expanding several IBD groups right now. Don't know anything about support staff stuff as mentioned though.
cubechimp, do you work at JPM?
I would think that the only reason they would give fewer FT offers to the current interns would be if they didn't want as many FT analysts.
^^^agreed
The time frame between when FT offers are made to SA's and when OCR recruiting starts is hardly even a month
there is no way that over the course of a month a huge bank like JPM will all of a sudden decide "oh shit the market has done a 180 and we really need to beef up our incoming analyst hiring"
Banks will pull from their summers first, and prefer to hire them, as its cheaper and lower risk. FT recruiting is expensive, and that why these SA programs have become so important as a recruitment screen.
Lower % of SA's hired = Less spots for OCR, sorry
JP didn't recruit in the fall due to a high retention rate from their summer analyst program. Apparently that was not enough to meet their staffing demands, as they circled back in June to pull in a few more to finish off the numbers. In anticipation of this happening, they increased their summer analyst program up to maintain the workload. UBS is in a similar situation, trying to hire a few more analysts before the new hires are brought in. The freeze does not directly affect junior hires, but could very well become a factor when extending full time offer to summer analysts.
I'd honestly like to know how many high schoolers with no grasp on the industry are posting in these threads.
This report (http://online.wsj.com/article/SB100014240531119039999045764669224484985…) is a direct contradiction of this thread and recent Dealbreaker article. God knows how much UBS paid a guy with 20+ years at Lehman.
Replacing 20 lost bankers with 18 thus far shows a pretty strong commitment to the business, guys. Focus on getting jobs.
If you think UBS has only lost 20 bankers then you're crazy. I can name 20 people that left within a month of when I left this year. That place is definitely a sinking ship. Thank God I got out of there. Only people left behind in my old group are those who couldn't get a better job and that's why they are at UBS.
I heard UBS was not paying their incoming analyst and associates during training.
Completely false
Well I heard that they were paying non-target analysts in SeamlessWeb credits.
I heard their net profit was down by 50%.
That's not good for business. That's not good for anybody.
A hiring freeze does not mean that headcount across all divisions and all groups is static, it just means that overall across the firm, headcount will not rise appreciably.
The fact that is that there is a "freeze" and headcount is on a tight leash...just look at the dealbreaker article.
Your link to UBS's hiring of a Lev Fin banker doesn't really mean anything at all.
Regardless, you've proven my point. You don't work in the industry and are citing Dealbreaker lol.
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