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It’s smaller than last time. Expecting maybe less then 5% across.
heard huge cuts (srs)
right after new years. this is pro forma for CS and UBS people
some groups have a ridiculous number of analysts and associates.
Yeah very much the case so pretty concerning. No one pre-spend that bonus
Can echo this rumor - heard names being thrown around as well. For goodness sake, there are groups at UBS +100 headcount
Is this for analysts
About damn time
Who’s at risk? What levels?
"works at Credit Suisse"
man this looks like a phantom account
I have no idea who is at risk. just heard from people that they were coming. but then again, ive heard that since the summer and many times they never materialized
Anyone knows return rate of UBS summers and OCs in London?
Estimating that 1 out of 3 kids get a return offer
Not in key coverage groups like tech
Tech was demolished today
Any intel on layoffs in Levfin / FSG ? Dealflow is likely nonexistent considering every sponsor is turning to direct lending / private credit.
UBS LevFin is actually busy af due to all the legacy / agented names that they inherited from the CS LevFin platform (apparently 10x the amount of agented names they've originally had). Those guys have had more lead-left exposure the last 5 months than they've had in the last 3 years pre-CS merger.
The M&A group is one of the groups thats way over-bloated right now. More than 100+ bankers in that group and I can assure you UBS does not have anywhere close to enough M&A dealflow to justify that size of a group.
Yeah agree with this. Imo LevFin, Tech and HC are all relatively safe since they are growth initiatives.
The groups I would say that are most at risk are:
1. M&A (deal flow is very weak and a lot of coverage teams dont even use M&A and do everything internally, they took too many JR people from CS)
2. GIG (Group is massive beyond what makes sense even though its one of UBS’ better groups)
3. FIG (Similar but not to the same extent as GIG)
Think it varies, Tech/HC are mainly growth initiatives in the US, where they did the brunt of the senior hiring. LevFin is undoubtedly gonna be safe, they pretty much onboarded the entire loan book of CS to drive sponsor growth. FIG headcount reduction wouldn’t count on it too much, they had minimal hiring from CS, and it’s the largest revenue group of IB. M&A grew on the other hand enormously feels like they doubled almost in size.
issue with M&A is that there are too many juniors relative to the number of MDs in the group.
they need more MDs to sustain the population.
hope everything turns out ok for people there and there are not large cuts as feared
What would you say the strongest groups are post integration?
Pretty spot on - my 100+ were referring to M&A and GIG (though other groups are pretty big too). Think it will be spread across most levels wherever each group sees fat to guide towards the more pyramid like structure. If top heavy, more MDs; if ASO heavy, more from there. But will see cuts from every level (maybe not ANLs)
What do you think about Retail & Consumer group?
.
Following
How's it looking in RELL?
Speaking for Europe, RELL is gonna be fine.
Historically one of the leanest teams, and at least in London, CS RELL was poached a few months/ a year before the bank collapsed. Hence, no big influx to UBS from CS.
Dealflow was down bad this year but is expected to be much stronger going into 2024
Sounds like you know the REGL space in Europe. Where would you position UBS REGL amongst the other banks in Europe?
Keep in mind there are a ton of analysts starting in Jan i believe (who got deferred). dozens I believe. all these bloated groups have more on the way!
Yeah its crazy. No group needs any of the deferred folks, already have plenty of analysts across every group
How’s consumer in ny?
4 ish cut
4 ish cut
What about ECM/dcm?
When did ubs have ecm?
Do they also have DCM?
I dont think so
does anybody know what the severance packages look like for juniors
Think it’s 3 months + 1 month for every year you’ve been there.
Don’t know if there is any other lump sum on top of that
That’s rich - was that the UBS package? CS layoff in July (only in that round) was 3 months + 3 weeks for every full year you worked
Crazy they can lay you off after you’ve literally worked the entire calendar year for which you should be entitled to a bonus even if small given assuming you’re a bottom performer. Wonder if you filed a lawsuit how they would react / if they would give in and give you your bonus plus severance
Wow 3 months of severance huh? That’s like in big tech
Any impact to levfin? Heard they were a lean team
Any updates?
allegedly happening this week
My bet is the week of MLK
Is this in the US or UK? Not heard anything on timing in the UK.
Not sure for grads, but the standard timing for redundancies at UBS in London is you get a zero in the Feb communication day and let go in April.
Sounds about right. January round is for VPs and up supposedly. For juniors (assos and anls) probably that timeframe
Heard next Monday.
On MLK day?
Now everyone saying next tuesday so guess next monday had some truth to it
Maybe different people get notified on different days?
Layoffs rumored this week?
T-1
Godspeed all
heard it might be delayed....we all might have a chance!
Any news?
Today is the day. Heard of 3 RIFs so far in M&A GIG and FIG
Is that globally across all offices?
How senior? Ex-CS or UBS?
An animal kingdom here.
CS < UBS < ex BarCap is the new world order
Bump
Bump
apparently only happening at the Director and above level, happened today
Executive Director or do you mean VP?
ED
How many director / ED?
Does this impact intern return offers?
Was wondering the same thing, if anyone has an opinion on this
UBS layoffs were pretty brutal but were seemingly only MD and ED cuts.
Assume there must be junior cuts coming soon because now the ratio of juniors to seniors is even more lopsided.
Anyone know when juniors will be cut? Before or after bonuses?
In London it usually happens during the weeks after communication
Bump, anyone have updates on timing? Bonuses paid out last three weeks depending if CS or UBS.
Hearing late this week or early next week to complete before end of quarter.
Damn! Havent heard anything from my sources but timing definitely makes sense so they can record a profit pro forma for the quarter
Who’d you hear this from?
Anyone know if the new deferred analysts just starting will be immune from RIFs? Might just make sense to cut them now, and keep the experienced folks instead of training them
Do they just lay off directly or what?
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