The tax specialists are apparently doling out bonus ranging from 0 to 10k to associate analysts in equity research today. Down 90 percent on the whole, not 80, like they would have you think.
Related: Bonus Watch ‘09: You Get NOTHING (Not Even Toxic Waste)
U B Sucks. So U know how much you’re going to get …
Let the games begin!
Too neutral, didn’t commit.
there will bo no bonus for anybody in 2009
Uve
Been
Screwed
all those nights spent there ’til 2:30 AM were all worth it.
What about car service to Queens?
My first exposure to what UBS would be like was seeing a job AD that said that you were expected to be in the office from 6:00am to at least 7:30pm in the evening on good days.
It’s one thing for stuff like that to be implicit but to actually spell it out probably meant you’d be in the office until 10 or 11pm
To then have your bonus ripped from your fingers …
Scary place.
@4- that’s for MDs.
equity research is a cost center anyway…
Anyone know S&T numbers yet?
@11 same as eq rsch
@10 it’s not a cost center. how do you think trades get generated.
apparently so is S&T.
How about T&A and S&M?
@13 Do you actually think bank traders use the research to trade? LOL
Never trust the Swiss, they’ll take the shirt from your back and the teeth from your mouth.
@13 Ah, thanks for making me laugh. Good one.
@10,16,18
if you knew anything about anything, you would know that research is hardly a cost center as lots of flow from the buy side is generated through research reports. if the buy side doesnt give the desk enough flow, they get cut off from access to research and the analysts time. so while it doesnt directly produce revenue, the shops with good research will generate significant flow from it
@16 talking to #13
akin to telling a child, “there’s no Santa Clause”. Tears welling up in #13’s eyes…
how about their asset management?
@ 19 “…while it doesn’t directly produce revenue..” exactly…cost center…
im sorry for your $12 bonus
How much research is needed to produce endless reports which say Buy?
19 Let me ask, given that commission rates have fallen steadily, what’s been the impact on money spent by the firm to provide research? Cut costs, or is the trading desk making money not from commissions but instead from deal flow – that is its not that important to the firm that 8 cents has become 1.5 cents. Your thoughts?
@ 23 – i agree – except how much is needed to produce endless reports which say ‘hold’ – ha
Institutional investment management is not like retail, where say a ML customer or his broker reads the ML report and buys a stock based on the final buy or sell rating. Many many inputs go into an institutional buy decision, including reports from all sorts of street analysts. A quant manager for example will load in estimates on hundreds of companies from dozens of sources, which will be one of the factors in their modeling. And to pay for that research, the firm directs brokerage business accordingly. Sounds like a recipe for mediocrity, but being correct maybe 60% of the time gets you good risk adjusted performance. Which is all you need.
Apparently IB is down 95%, firm as a whole down 85%.
On the WM side:
High performer with a rank promotion – 40% cut in bonus, no change in base.
The mood here today was the worst I’ve ever seen it.
16 here, @20. Theres no Santa Clause?
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@ 26 … u actually now what your talking about when it comes to analysts. Although im sure many posters have experiences in their own fields, its take an oveall understanding of the markets to correctly describe the transactions that transpire behind the scenes. n al truthfulness, analysts are only right at best 60 percent of the time. While 60 percent might seam good the key word is “best”. In reality the figure is closer to 50 which is nothing more than a coin toss. However, I have seen first hand the ways in which institutional buyers will exchange trades for research reports for order flow. Maybe not to take every word of the analysts report to heart, but maybe bc the facts that lie within are quite important.
Speaking of anal lists, why is Meredith Whitney so quiet? Is it because Jim Cramer put her in a tough position last night on his program by telling what the market would do no matter what she did or said?
1st year Associate at AM
$9100 for the year. Down 85%
@32 if you are a first year how are you “down”?
probably down from 1st year associates the prior year. think about it…
@33
Was given a target number before the start. I guess it’s better than receiving Swiss Chocolate or zero.
UBS has been surprisingly open recently that they consider research mostly as a front, in which high-volume S&T clients get little more than analyst-chaperoned access to management (non-deal roadshows, conferences, etc.).
So much for Reg FD.
They have also been trying for two years, with little success, to partition their research product into boring old (“free”) company reports/models and “premium content” strategy pieces — with a premium price, of course.
Did I mention they have been having little success with that?
@35 unless you have the number on paper it’s meaningless.
Since the theme is “UBS Equity Research,” why is no one pointing out their jackass U.S. accountant-turned-strategist, David Bianco, who had a 1500 12-month S&P target all through 2008 and only recently lowered it to a more modest 1300?
This pay is Big 4 pay….
Start leaving at 5 folks…in 2001 analysts were openly slapping back Assoc’s and telling VPs they get to their work after the weekend
And there was no pushback….go out and get laid till 2010…
it took until 2004 for the marklet to return, and plent of folks had fun in the interim…$ is not everything
#39 right on brother. There’s no reason we can’t catch a break during a down market. Don’t get me wrong, if my clients want to get back to work I will be there 6am to help them. But until then why shouldn’t I chillax a bit? You can’t force business. If the PM is not ready, he’s not ready. Prodding him to act is irresponsible and a good way to ruin a relationship.
Yes the argument is only good until you get canned, but for me right now, it works
#28, with a nod to the Marx Bros and poking a stick in the eye of many of the posters to this site.
I’m sorry to inform you, there is no such thing as a Sanity Clause.
Once again, who gives a f*ck about analysts and associates? They are cannon fodder.
what was stub??
U’ll Be Sorry
down over 95% in S/T
FUCK UBS!!!!