UBS internship on hold?
Has anyone working at UBS in banking received communication about their internship cancelled/on hold?
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Check the other threads (think there's a megathread on this). No reported changes at any BBs at the moment - unless HR have told you something different?
I have not yet, i'm hoping to find out within the next couple of days - it must be one of there priorities at this time.
I haven’t yet, still waiting to hear back
Contacted hr. No change yet. They said they will make sure we complete our internship.
huge layoffs incoming
Source?
Have heard this too. This is why people need to research up to date and CURRENT rankings and league tables when it comes to choosing their offer. Unless you had no other choices, one should have been able to see this from a mile away.
Source? Can't make a comment like that without some sort of support.
Banks are like herd animals though. Once one bank goes a certain direction they'll all follow. If one goes remote, they all will . If one cancels, they all will, etc. Not sure how league tables will really save you if the whole street were to go belly up. Let's just hope that doesn't happen.
source?
I haven't heard anything yet. Are you in the US?
Any updates regarding hiring at UBS for laterals? Last I heard, it was put on hold.
Where did you hear this?
I am talking abt laterals. Heard it from a buddy in there
I know an email was sent out to incoming FT (graduate talent program). No changes as of now
can confirm
UBS committed to internship but is assessing all options inc. virtual, cancelling is last resort but not off table. Will generally depend on situation and is still a little early to make call given that the covid situation could be very different by start date.
Source?
Used to live with someone in HR
were you boning her
Currently work at UBS in banking - NO layoffs for FT or cancellations to the internship process are expected in the near term.
UBS does not have much balance sheet outstanding as it lends minimally, so does not have to cut costs if loan market goes south.
Naturally if business degrades for banking over coming year, layoffs occur but junior blood is always needed in firm. This will manifest itself through a lower offer rate to full-time, which might drop from 80-90% offer for FT down to 50-60%, but don't quote me.
Do you what the FT offer rate was this past summer? Was it 80-90% or lower? I heard UBS had already starting being conservative and gave less FT spots than normal.
Offer rate was 80-90%, Then again, if you are the intern that does sh*t work and puts his (or her) feet up on the table, you won't get an offer no matter the average offer rate.
With respect to "whatever you heard," that is not true as groups only find out their head count (how many offers they can give out) halfway through (depending on HR) the summer programs and this applies across the street at BBs.
Any impact for incoming FTs in banking? You mention no layoffs for current FTs, but how about those joining later this year.
Given that full time training start is in July with August hitting the desk, maximum that would happen would be a slight delay in FT start, however, as of yet everything is as previously planned.
Just as some context to what UBS did during the financial crisis in '08, during it's peak it simply deferred the starts of incoming analysts / associate by 6 months to start in in winter rather than in July. Not only were FT offers honored but stipends were provided to cover living expenses (not enough to cover living in New York but from what I've heard from UBS people who started that time 11 years ago they took that money and went traveling post college).
Given UBS' current solid capital position and the need for fresh recruits in the lower ranks, baring yellowstone errupting there will not be any impact on FT offers. Heads that roll first are the upper ranks that don't bring as much revenue as required (applies to any bank). The junior ranks are a relatively low cost of maintenance asset that helps drive productivity.
Bump, anyone who works at UBS know anything about what HR is planning?
Bump
Ask ubsmasterrace
From APAC, was notified that internship will be postponed to July and likely shortened. Not sure if it'll be virtual/in-person yet.
Also APAC, but no update since the last global email. May I ask what office you will join?
Hey can you send me a pm I'll reply you over
Hey, I'm joining HK office IBD. Haven't heard back from HR yet beside the global email. May I know when you received the email?
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