Inside views on the jobs market
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.
It wasn’t so long ago that one could write a book called “Damn It Feels Good to be a Banker” with plenty of satire but only the merest pinch of irony. Now, not so much, as times have clearly changed.
The AP reports that MBA students are deploying their expensive new business acumen and concluding that these aren’t the best days to be entering the wonderful world of investment banking: