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Fresh job cuts at UBS, but new hires also
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UBS, the biggest banker to the rich, announced a second round of job cuts after posting the biggest annual loss in Swiss history. The cuts to investment banking jobs come on top of 7,500 jobs that the bank has already axed as a result of the economic crisis.
It’s not all bad news, however. UBS hired nearly 400 financial advisers in the United States in the last quarter and sources have told Reuters it is aggressively poaching advisers from rivals including Morgan Stanley, Merrill Lynch and Smith Barney.
If you work at UBS, tell us where the cuts are falling, what the mood is like and what severance you’re getting, if any. And given that the bank is still willing to hire in some sectors, give us some good news about where the opportunities lie.
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UBS is still bringing on fresh MBA students into their associate programs in the IB
I worked for UBS for 15 years. I brought in profit above $1,000,000 each year I was there until EOY 2007. In 2008 my group posted a loss of $400,000. I was fired.
My Severance was 3 months and and $10,000
There is a lot of talent out there and certain areas are cleaning out old word and bringing in talent from Merrill, Bear, Lehman and the like. With no bonuses this year I suspect many more will leave and there are plenty out there waiting to fill those positions.