UBS announced a few weeks ago that it would be laying off some 8,000 employees; apparently they plan to begin the bloodletting next Tuesday, May 6. May 6, as in the night they’re scheduled to accept the “Heart of Gold Award,” by the Volunteer Center of Southwestern Fairfield County. I have nothing else to add.
Comments (29)
Leave a comment
You can log in with your account or comment as a guest below.
kind of puts a damper on the Cinco de Mayo celebrations…
(Little known fact: Cinco de Mayo is the third biggest holiday in Switzerland. (1. Christmas, 2. Guy Fawkes Day)
um, no it doesn’t, b/c CdM is may 5th.
Thanks Pedro(aka dumbass) for the translation.
The point: who’s going to go out and do upside down marguaritas if they’re worried about getting shitcanned the next day.
I do love getting shit canned at St. Barts
Personally, I would assume every single employee would be out there tottering up if they knew the explosion would come the next day. I certainly would.
This is a company that makes people apply for their own jobs. The only guarantee is that if you’re (re)hired, it will be for less money.
Why don’t they just send people off with a handshake and a severance check? Because the workers were never employees to begin with. They were “consultants” who worked for years and were never offered f-t jobs with benefits.
So, how do you get rid of all these people now? Offer them jobs, of course.
Anyone know how heavily the Stamford CT location will be affected?
Why on earth would Cinco de Mayo and Guy Fawkes Day be bigger in Switzerland than, say, Easter Sunday? Just curious. But I suspect a sly joke.
UBS sounds like a great place to (not) be employed.
UBS severance packages to be paid in Swiss Cake Rolls and Swiss Miss Hot Chocolate.
-NSD
“Anyone know how heavily the Stamford CT location will be affected?”
I’m hoping heavily. It would be a welcome relief to see the entire Stamford office shut down. Globally, we’re pretty much sick of the arrogance and incompetence from Stamford employees. Good riddance I say. Sadly, I doubt the cuts will go that far.
very large contingency of Mexican ex-pats in Switzerland.
Guy Fawkes, not so sure.
May 6 it is….2600 from the IB getting the boot.
Are you implying that the firings are contradictory to the company’s philanthropic spirit? I’ll have you know that UBS has graciously offered terminated employees a chance to stay on in their current roles as unpaid volunteers.
anyone know when/how many UBS is letting go? I hear it’s next tues/wed and would like to be prepared if it’s me. what are the rumors you are hearing and who are you hearing them from?
mole
can you read? they’re letting going of 8,000. been widely reported everywhere, including…this story.
but that # UBS wide. What about just in the invesment bank?
It’s contingent 8:43. CONTINGENT. A contingency is an incidental, something dependent upon some other event or thing, and how attorneys get paid.
A contingent is any representative group composing an assemblage.
You are probably one of those college educated douche-bagues who says an “amount” of people.
Is it just me? Am I the only one who has Dictionary / Thesaurus.com?
Jeez.
What do you call a busload of UBS employees driving off a cliff?
do you think each manager already knows who’s going to get cut?
beat reuters
http://www.nytimes.com/reuters/business/business-ubs-jobs.html?dlbk
I am in IT support, will i be affected?
Yes, IT support will be affected. You will wet your bed even more often than before and your parents will stop buying you Cocoa Pebbles cereal.
~LexSteelz
Leave him alone Lex. Heez gonna find a job in about five mins. Its more likely you’re gonna be back at the ‘rents, wettin yr bed.
UBS must have some extra cash laying around as they rented out the entire upstairs of Rosa Mexicanan in Lincoln center for a cinquo de mayo party yesterda.
1:32 Please… Let us know when they’re renting out Per Se. Also, was it for a customer event? Or to motivate sales people? If so, the cost of some burritos and tequilas was a good investment.
Sigh. 26 posts and no Thadeus
Guessing cuts at I-Bank will be in 10-20%. But, that # will vary widely depending on department (corp fin., FI, Equities).
Managers know exactly who will be cut — who do you think has the pain of making the choice? If you haven’t noticed all the meetings in recent weeks then you must working in the basement.
And yes, IT FTEs will be cut… the new CDF and talk of lateral career opportunities didn’t actually apply to positions *within* UBS :)