Dispatches from tax evasion HQ:
UBS US Wealth Management is laying off significant amounts of employees in the home office today and tomorrow. General estimates are around 300. I have already seen 5 of my friends in the group next to me leave (total group size of 15!) and its only 45 minutes since they began. Cuts are at all levels, mid-senior to analysts. Morale is extremely low.
UBS sucks.
@1 you are a storm trooper for the cause.
Is this happening in other offices as well? What about support staff?
Well, the good news is I am not wearing pants.
d’ terk ‘er jobs
derr brerk errr jawrsss!
It really was scary this morning over here in WM…When I realized I wasn’t one of the unlucky ones, I continued to construct my rubber band ball. It’s almost the size of a softball!
The f’n management sucks there and the “little” people suffer the most…….meanwhile the people who caused this mess keep on plugging away!
@ 7 – are not the unlucky ones the blokes still employed by the empire built with gold from dental crowns?
@1 such a thoughtful, intelligent reaction. What an audience reads these items
@10 if you were a regular reader, you would know that that is an ongoing joke, and posted (usually by the same guy) in a variety of posts whether UBS related or not. This particular instance just provides a unique opportunit to intertwine the two. go back to yahoo finance.
@10 Go back to the hole you crawled out of. If you actually read this site regularly you would know that’s an ongoig joke. This just happens to be a rare occurence where it can actually be posted in a UBS related post. Thank you (don’t) come again.
@1 The GED team (Ramy?) set up a ubssucks.com web site back in the day (1998).
It was generally better to use someone else’s extension to dial “1 800 UBS SUCKS”.
The GED team (Ramy?) set up a ubssucks.com web site back in the day (1998).
It was generally better to use someone else’s extension to dial “1 800 UBS SUCKS”.
Sorry for the dupe – damned NeXT mouse. – Ramy
It’s 1:52 PM, and UBS still sucks.
My favorite line: Morale is extremely low.
Really? Why?
@ 17 – it is an oxymoron, obv., as =UBS’s modus operandi – nothing to see there, move along.
Army saying – beatings will continue until morale improves.
@8 Little people suffer the most because they matter the least. When you get a cubicle with waist-high walls you will have learned that lesson.
W I D E C L O P S are coming
Layoffs are no where near being done after tomorrow. It was only a few groups that were today. Next week will be more and the week after that again.
Rumored schedule:
Field Management (Wealth Management Advisory Group) will be next week
Products & Services (now Wealth Management Solutions) will eb the last week in March.
UBS is one of the tightest firms on the Street and has been underpaying employees for years
@22, so I should stay under my desk for another 2 weeks?
@22, all offices?
Judging by the dearth of quality comment’s I’d posit no one cares about UBS.
Cliff A.
@25 – by field management I meant home office WMAG. Apologies. I’m not sure if/when the actual field will be included.
Jesus. @12 and @13. get off your high horse, not everybody sits around their f*cking computer and pores over every comment that pops up on this site, like you ass clowns. And good one by the way on “go back to Yahoo finance boards” is that some sort of insult or something.
^11 and 12. disregard 13, you’re still okay in my book.
While McCann & Co said when they came on board that it would be a year before they could articulate a game plan for UBS, they clearly had one strategy in mind; clear out a bunch of seats for friends from Merrill.
It is also refreshing to see how he has done away with the hackneyed “aligning management’s interests with the fortunes of the company and shareholders through compensation”, by dispensing with the traditional stock and bonus basis for his own compensation, and locking in a large cash component for himself up front. Meanwhile, the employees, whom are notoriously underpaid compared to the street already, have had to watch their stock holdings choke on the dust of every other firm except Citigroup.
Oh, I forgot,
UBS sucks.
UBS
You & Us
But without U, it’s all BS
Test
The Merrill Mob strikes again. The funny part this time, is that McCann and all his prior mid-level Merrill shadows are now running business lines they have no historical experience in (other than the time it might take to drink a a cup of coffee). They have joined the company to give their effort toward trying to sell it…AGAIN. But unfortunately, there are no pre-tax margins in any of the wealth management lines, there won’t be because all the smart/wealthy clients are leaving and McCann and team are the last people on Wall Street that could do anything to change this. The fact that McCann sued BofA for what he called the “job of a lifetime” is a complete joke. He is an equity trading dinosaur from the 80′s! Not to mention practically everyone that has joined his party are 10-20 years past being relevant! I fortunately don’t work at the company, but suggest the employees that are able (or forced) to leave will ultimately be the lucky ones to hopefully dodge what is sure to be an extremely embarrassing professional situation. And to some of the comments posted…..I’ve never written on this or any other blog. Anyone hiding under your desks, take a look across the river from the UBS rat hole and notice there are a lot of tall buildings across the water (with people and business plans that are real). It may take some doing, but go find them and let UBS sink back into the waist dump from which it came.
The Merrill Mob strikes again. The funny part this time, is that McCann and all his prior mid-level Merrill shadows are now running business lines they have no historical experience in (other than the time it might take to drink a a cup of coffee). They have joined the company to give their effort toward trying to sell it…AGAIN. But unfortunately, there are no pre-tax margins in any of the wealth management lines, there won’t be because all the smart/wealthy clients are leaving and McCann and team are the last people on Wall Street that could do anything to change this. The fact that McCann sued BofA for what he called the “job of a lifetime” is a complete joke. He is an equity trading dinosaur from the 80′s! Not to mention practically everyone that has joined his party are 10-20 years past being relevant! I fortunately don’t work at the company, but suggest the employees that are able (or forced) to leave will ultimately be the lucky ones to hopefully dodge what is sure to be an extremely embarrassing professional situation. And to some of the comments posted…..I’ve never written on this or any other blog. Anyone hiding under your desks, take a look across the river from the UBS rat hole and notice there are a lot of tall buildings across the water (with people and business plans that are real). It may take some doing, but go find them and let UBS sink back into the waist dump from which it came.
The Merrill Mob strikes again. The funny part this time, is that McCann and all his prior mid-level Merrill shadows are now running business lines they have no historical experience in (other than the time it might take to drink a a cup of coffee). They have joined the company to give their effort toward trying to sell it…AGAIN. But unfortunately, there are no pre-tax margins in any of the wealth management lines, there won’t be because all the smart/wealthy clients are leaving and McCann and team are the last people on Wall Street that could do anything to change this. The fact that McCann sued BofA for what he called the “job of a lifetime” is a complete joke. He is an equity trading dinosaur from the 80′s! Not to mention practically everyone that has joined his party are 10-20 years past being relevant! I fortunately don’t work at the company, but suggest the employees that are able (or forced) to leave will ultimately be the lucky ones to hopefully dodge what is sure to be an extremely embarrassing professional situation. And to some of the comments posted…..I’ve never written on this or any other blog. Anyone hiding under your desks, take a look across the river from the UBS rat hole and notice there are a lot of tall buildings across the water (with people and business plans that are real). It may take some doing, but go find them and let UBS sink back into the waist dump from which it came.
The Merrill Mob strikes again. The funny part this time, is that McCann and all his prior mid-level Merrill shadows are now running business lines they have no historical experience in (other than the time it might take to drink a a cup of coffee). They have joined the company to give their effort toward trying to sell it…AGAIN. But unfortunately, there are no pre-tax margins in any of the wealth management lines, there won’t be because all the smart/wealthy clients are leaving and McCann and team are the last people on Wall Street that could do anything to change this. The fact that McCann sued BofA for what he called the “job of a lifetime” is a complete joke. He is an equity trading dinosaur from the 80′s! Not to mention practically everyone that has joined his party are 10-20 years past being relevant! I fortunately don’t work at the company, but suggest the employees that are able (or forced) to leave will ultimately be the lucky ones to hopefully dodge what is sure to be an extremely embarrassing professional situation. And to some of the comments posted…..I’ve never written on this or any other blog. Anyone hiding under your desks, take a look across the river from the UBS rat hole and notice there are a lot of tall buildings across the water (with people and business plans that are real). It may take some doing, but go find them and let UBS sink back into the waist dump from which it came. Finally, everyone must remember, if the Merrill clan can’t find a sucker willing to buy the turkey, they will leave with nothing, which is exactly what they will deserve!
UBS is so cheap.
heard more layoffs next week and re-org of Wealth Management by end of month…duntdunt dunnnnn
More cuts at UBS coming – jump the sinking ship now.
I worked for UBS until this past Nov., when, I was laid off. When I first joined it in 2007, it was a great firm. A company that would allow you to explore your management style but would hold you accountable for such as well. We didn’t have all the issues, at least they weren’t visible to us then, that UBS has now. The vision was great back then, yet, once the “storm clouds” showed, it all feel hard.
I agree with a lot of people’s quotes on here. UBS did underpay compared to ML & a few others, but they did give you a quality of life that was much better than others as well. Nevertheless, the good ole days are gone and soon shall most of UBS Americas. Bob’s job is to shop the lower producing offices (i.e., 80% of the offices) and stick to growing the top 40 markets which bring in 80% of the revenue. Additionally, Bob could be shopping the entire group to a Private Equity Firm as well. All of these items are on the table and the sooner Bob can clear the ‘fat’ – the quicker the deal can be done.
To everyone else still working there…you know you hate it there now. HELL – we all did and nothing is going to make it better. If you can, find something else – do something that you love. Getting laid off let me realize that I hated that business and now I work in Education. Even though I make 4x less than I did – I’m a lot happier.
Do what is best for you because management at UBS doesn’t care about your position anymore – it is about their job now, and their bonus.
Best of luck
Get out of UBS. Seriously, leave if you are still there.
You’ve got to be kidding meit’s so tarnsparntley clear now!