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Ah, the jungle drums have been beating about UBS indeed. Based on the most helpful WSO content, there have been some significant layoffs at UBS. Here's what the chatter in the trees has been about:
Remember, the hiring market can be brutal, especially after layoffs, but there's a silver lining: being laid off during a known wave of industry cutbacks can carry less stigma than during boom times. So, for those swinging through the vines of finance, keep your spirits high and your resumes polished!
Sources: UBS layoffs
Any update on this?
Big layoff expected this summer, most likely for IB as trading teams have already been trimmed down and wealth management is the powerhouse.
There have already been rounds of layoffs these past 3 months. They are most likely going to continue to do these small layoffs, especially in the groups that are overstaffed within IB. No idea about S&T though, so that part could be right. IDT anyone is expecting a big layoff in the summer given the trend so far.
Honestly I agree but I was talking to a UBS associate a month ago and that is what they said. I think if anything we’ll see a large exodus as opposed to layoffs but who knows. The associate I was talking to is in global markets not IB so their perspective might be skewed but I would hope they have enough connects around the bank to know what they’re talking about
Are they doing these smaller layoffs to avoid paying severance
there have been some notable MD and ED (director) layoffs over past month or so. Many were last week. Many groups had almost half of their ED population cut. there were also a select few juniors cut (like 1 in a few groups)
hearing that in may will be the "junior" round in may with a significant number (6-7 per group). who knows how true that is, but theres apparently a list.
Will this be a Q2 cut?
Is this specific to any office?
Gotta be coming. Groups like M&A and GIG cut more seniors in Q1 so their junior to senior ratios are crazy now. Could probably cut 1/3 of Associates and VPs
feeling more and more that the UBS people are the irrelevant ones in the merger
-barclays leadership at group head level (like every group now brought one in)
-a few favored new ex barclays Mds to take all good deals
-rest of favorites are CS people that stayed
-last are legacy UBS(if they havent been laid off already)
UBS is trying to run a very lean senior team, which doesn't make much sense given their supposed desire to grow. A lot of these UBS EDs & MD's that got laid off bought no deals, but some of them did bring deals even if they are on average worse deals than what these new Barclays & CS people might potentially bring. It's not like the Barclays & CS people have been able to bring a lot of deal flow yet anyways.
Yeah this is my thought too. We are definitely hiring people but probably firing more so the MD headcount since the merger 1 year ago is probably down a lot net net at this point, with a high % of MDs new to the platform and having a guar bonus for this year.
Basically will mean the business will be flat until late 2025-2026 at the earliest given it will take time for new MDs to ramp, and with guar bonuses the bonus pool will be f’d again for everyone
Bump
Any updates on when this would be?
Nobody knows, thus the existence of the thread. Seniors also don't seem to know, The firm as a whole seems to be in paralysis of sorts and unless you are in select overstaffed groups, it's hard to know if/when/how layoffs will happen. Assuming you are in the bloated groups, Layoffs maybe sometime this quarter before the summer but it's very hard to know.
Probably soon. In one group staffer was spotted meeting w group head with org chart today
Any junior cut was warranted. A lot of mediocre talent was hired through 2022
True but apparently first years (who are actual trash) are safe from this round of layoffs… that leaves second year analysts open to cuts. All the bottom tier UBS second years have already been cut so that leaves second year CS analysts who are generally very competent, being very overworked right now, and will get skimped on bonus if cut
Which actually pisses me off given I had a first year MBA ask me how to write an SNL formula the other day and another hard code IRR and then yet another (all different people) ask me how to create a bamsec link … but that’s ok good thing they’re cutting the second years making 50k less (pre bonus) who are carrying the workload
When you say trash what is trash to you?
I think layoffs at this point are going to be on the fringes or general non-performers getting cut rather than large scale. The reason I say this is LevFin is now seeking to laterally hire juniors and word went out internally also if anyone has an interest in switching over. Some groups are picking up.
LevFin is a unique case, they and the sponsors group both didn't have as many hires and were historically UBS's strongest group when they were combined pre-merger. Also, LevFin has been just refinancing for quite a while and has been slammed. I wouldn't look at that as a general sign, especially since groups like GIG/FIG/M&A still seem extremely overstaffed at the junior levels compared to deal flow and senior counts.
I posted my comment before today's Bloomberg article. Well then. I guess we'll see.
LF is a great group (i’m in the team). We are hiring at all levels, which is why other groups are firing (to offset costs). UBS LF is gonna continue to kill it despite our shitty coverage partners who cant even keep a group in tact for more than 18 months
You being in LF explains so much. Please go back to doing shitty comco memos all day long and messing up the model per usual
bloomberg article talking about layoff comes out today, how big are cuts in may?
Mass layoffs coming. Anyone with a luke warm review or worse at grave risk, especially senior analysts and mid-level associates
Are first years being cut?
Any info on if it’s coverage or product teams? Or if it is targeting analysts versus associates?
Another 5 rounds of layoffs (lmao- morale down bad) coming in June, August, Sep, Oct, Nov, per media.
Seems like 60% of legacy CS folks are gonna be RIF’d, crazy. All legacy CS folks are job hunting.
And think this is firm wide (eg WM and Switzerland itself) on top of the imminent IB cuts focused on juniors. So really 6 rounds of cuts.
2024 is getting worse and worse, and with interest rates stuck the markets are probably going to be worse in 2H.
Consider yourself VERY lucky if still at UBS by YE
Is this really bad for incoming analyst?
Bump
Absolutely on the ball here. If you are ex-CS, you should have been looking for a job a while ago but by now there is no reason for you to not be looking for a job. Unless you are one of the rainmakers UBS paid big bonuses to, you are most likely going to get fired(if you are on WSO... I doubt you are a rainmaker MD, so this applies to you). Looks like legacy UBS job cuts are going to be less likely, which should uplift morale amongst the legacy UBS juniors. I think morale amongst legacy CS juniors was already rock bottom and this news has somehow lowered that even further.
.
Bye bye bye
Damn, so glad I jumped ship before CS integration. Best of luck y'all, truly wishing the best for those affected.
—
we as in I'm a diversity hire
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
Yes. However they will not touch you if you have a complaint of some sort. If you’ve experience any harassment now is the time to make it known !:)
More likely to be laid off TBH. Barclays people coming over are almost exclusively white men, taking URM and asians’ jobs
More likely than ever. Barclays bringing in a legion of white men to replace the diverse CS teams
this is exactly why people HATE DEI hiring programs.
just because you are a woman or black/latino you think this should shield you from a layoff?
May layoffs (first week) are still happening. Those 5 rounds in the article starting in June seemed to be more middle and back office focused. Ib is in may
Source?
UBS = Uve Been Sacked
Looking at your post history: can't beleive it took them this long to fire you... guess you can slack off quite a lot when you're an associate in a product group with no exit opportunities.
Is the axe falling this week or next? Anyone know? GL to all especially legacy CS folks. Gonna be grim
bump
Probs either late this week or early next week
Bump
Are the new grads hired last year from CS at risk too? (london office)
How is London impacted? Please I am freaking out
None of us actually know how it’s gonna turn out, and I’d be lying if I said “class a, company b, location c is safe”. We’re all at risk, to varying degrees.
I think there is comfort to be found in the fact that you aren’t going through it alone. Literally everyone in the company is in the same situation, or has been in the last few months. This also won’t be the last round of layoffs that you go through in your career. It’s hard to get used to, but heck, you’re on Wall Street.
HR processes are imperfect, and good people have been let go along with folks who weren’t as strong. While the outcome isn’t yours to control, your response (learning, getting stronger, etc.) absolutely is.
Its happening next week, heard tuesday. Mid-level dead weight Directors and ED at risk in TMT, GIG, FIG, M&A, and Associates at risk across all groups. Folks who dont come to the office 4 days are gone.
Lets rid the bank of all these CS hardos so UBS can maintain its former glory at #14 in the US M&A league tables
For once, your doom and gloom seems right. Have heard similar things and the groups identified for GIG, FIG, and M&A check out since they are all heavily bloated. TMT will most likely see less so given they had more seniors come in. Also, I don't understand why you keep mentioning the #14 bank in the US over and over again as UBS is also 6th or 7th globally in terms of deal flow for the last 12 months, the acquisition is clearly accretive in the long-run and it takes longer than a few months for MDs to bring deals in.
Why does this countdown for MDs start post CS merger… why couldn’t they bring in deals pre merger lol?
Source?
No idea how this would make sense if cuts would happen mainly at the senior layers. The summer intern intake is incredibly massive compared to last year (in my group), so assume analyst will be on the chopping block at some point or they’ll massively cut return rates.
Analysts are also on chopping block. Not just mid level.
I think Sergio wants to eventually have an ib same size as before with just better quality Bankers.
Summer intern take this summer is usual for my group, so it seems very group-dependent based on seemingly if UBS thinks that the group is bloated and/or not. I would guess the groups with big summer intern classes are the growth areas for the bank(HC/TMT/ECM) that saw a lot of senior hiring and the groups that are overstaffed and overworked rn(LevFin). Ik GIG, M&A, and FIG also take a lot of interns, but A) those are the historically strong non-LevFin/Sponsors groups, and B) those groups will most likely no longer be bloated by the time 2025 arrives since they are the main focus for layoffs.
I’m in one of the traditional strong teams you mention and we nearly doubled our intake, wondering how this will play out. Do know that in other teams it is more in line.
Is FSG a strong group still since they split from LF? Or does LF hold the pen on all models?
How have exits been for HC and Tech?
For your weekend I strongly recommend “The Green Planet” on HBO. You’ll do yourself a favor over bitting your nails for what comes next.
Lehman like an epic fungus story - ever since it got let out of its walls continues to live on - embark, plug into nutrients of others and move on to next…with it, against it..it doesn’t care…
when is this happening
Looks like it'll be in waves within this week and maybe next, heard about some happening today, but nearly not enough for what UBS said they'd cut.
this is uncorroborated, this person is just saying this. There were some layoffs today with not indication that they would continue throughout the week, stop spreading bullshit anonymously
M&A cut some today. None cut from GIG as of now. GIG has had some natural attrition past couple months with a few juniors leaving voluntarily to other firms. Don't have details yet on how many from M&A or what rank.
Bump. Anyone know how many/what level were cut from m&a?
heard 1 MBA associate
Which year is this MBAs associate?
.
Can we not have Analyst 1s telling ex-cs juniors they are a cost redundancy because they are extrapolating earnings. I swear some of you people forget these are people's real lives and your pure speculation isn't value add.
.
how much was severance?!????
Bump? Any more layoffs this week?
An analyst was let go in FIG this morning
Heard of ~5 layoffs in RELL unsure about exact number
Thats crazy the group is like 20 people I think…trash
I think there was a small round today - seems directed towards first year analysts and associates.
Who was RIF’d last week? Only heard about 1 in m&a and 3 in tech. Lighter than expected so sounds like this is the real big RIF week
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