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How bad is it at UBS?

UBS is making 1,500 redundancies. Is it better to jump before you’re pushed?

The Swiss bank has come a cropper after finding itself ‘clearly overweight in the US sub-prime market’, and is swiftly clearing out staff in both its operations and fixed income divisions.
Given UBS is better known for its equities than its fixed income prowess (it ranked 10th in European DCM in the first half of the year according to Dealogic), how easy will its fixed income folks find it to walk into new jobs? And given that the first round of redundant staff tend to receive higher payouts than subsequent ones, should UBS bankers be angling for an exit regardless?

Your thoughts please….

Comments (28)

  1. I’d be surprised if anyone in equities at UBS is adversely affected by what’s happening in fixed income. Bonuses may be diluted but that won’t be unique to UBS – look at Merrill and Lehman. If anything, UBS equities business is doing fantastically well – at least that will ensure they get paid.

  2. UBS will be back. This is temporary. there is tension and everyone worried about their bonus.

  3. Does anyone think this will affect the Equity Research Market?

    Nerly Finished Accountant! Reply
  4. UBS equities business is doing fine. Redundancies is unthinkable at the moment.

  5. Yes it will…dont do it…stay at your firm and become a partner

  6. Repo and Collateral management business is still strong

    Reverse Repo Kid Reply
  7. UBS are one of our clients, sorry were one of our clients, a bank making this many cuts in London will have a direct knock on effect to recruitment within front office roles, time to run back to the saftey of product control and internal audit!!

  8. The Sec Finance business is strong. UBS will not be beaten – make no mistakes about that my fellow UBSers!

  9. Equities rules

  10. repo bad boy i am with u 200%

    Credit Risk Dude Reply
  11. I work at UBS, not sure what to tell you about the future…

  12. Repo Bad Boy your enthusiasm for UBS is contagious. I like your style. I agree the bank can weather the storm. It will just mean a few difficult months….

  13. Equities business is always out there in the market.. I think no need to panic if you are backing wid 2 plus yrs of work ex.. take care ppl

  14. good one to see you

  15. To repo bad boy, it’s all over mate, face facts and move on…

    Fixed Income……. Reply
  16. will this post

  17. Repo bad boy – dont lisern to that Fixed Income, I am with you all the way till bonus day…

    Miss 1 Broadgate Reply
  18. Well it has been just announced that Equities will be slashed as well

  19. More writedowns expected in Q4 and with UBS holding $44bn subprime, cdos etc combined, the bonus pool for equities will be down 10%-20%. All this despite a very good ytd for equities. Most of the remuneration being share based as this is the only realistic method of 1) holding on to staff and 2) pay staff.

  20. MR L… Does that mean that you dump on your clientas soon as they go through tough times. That really gives us all confidence….

  21. Chaps..I work for UBS in Credit Risk. Believe me it’s time to get out. I’m expecting much worse things to come for UBS!

    Nathan Huntley Reply
  22. Given there are clowns running Credit RIsk IT, is it any wonder the business can’t really do its job in UBS…?

  23. EGM in Feb. Wonder what that’s about…

  24. Do u think Fed will be helping UBS such as Bear? No way…

  25. UBS’s bright boys should be worried about their bonusses; in fact 2007 bonusses should be paid after three successful business years.

    hans rudolf wiedmer Reply
  26. Room 901 has already been booked

  27. A couple of bigwigs fall on their swords (albeit rather lucratively for their pensionable years); UBS flagellates itself for having got it a little bit wrong and blames the bonus culture for its misdemeanours – confession being good for the soul;

    Now watch: Magical Mystery Marvel: The board stays much the same, the now mega-wealthy (it’s that bonus culture) culprits breathe a sigh of relief and life carries on as normal. Minus several thousand good employees who wouldn’t work there again if it was the last bank in Middle Earth and surviving employees who have some small doubts about their future. Result.

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