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Layoffs/Hiring Watch ’12: UBS

The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in “more promising talent.”

is embarking on a new round of job cuts within its investment bank, according to people familiar with the matter, as the Swiss bank grapples with a downturn in business that shows few signs of abating and considers a further restructuring of the division. UBS will begin notifying employees Wednesday of a new round of job cuts totaling roughly 400, the people said. Additional job losses that could run into the thousands may quickly follow. According to one of the people, there is a “good probability” that when UBS discloses its third-quarter results next Tuesday, it will make clear which businesses it intends to focus on in the years to come, and which ones it will de-emphasize…This week’s jobs cut will be spread roughly evenly across North America, Europe and Asia, one of the people said. They will fall more or less evenly on fixed-income trading, equity trading and corporate finance, although the latter will bear slightly more of the brunt than the former two divisions.

While these job cuts are mainly mean to cut costs, they are also part of a plan to cull the worst performers from the investment bank’s ranks and create room for it to hire more-promising talent, one of the people said.

UBS Plans More Job Cuts [WSJ]

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32 Responses to “Layoffs/Hiring Watch ’12: UBS”

  1. Oceanic 815 says:

    "part of a plan to cull the worst performers from the investment bank’s ranks"

    Because they've been firing the best performers?

    • E. Cartman says:

      "…and create room for it to hire more-promising talent."

      I promise: I am talented.

      – J. Paulson

    • readmore says:

      "……and create room for it to hire more-promising talent, one of the people said."

      At least read the whole sentence, if not the whole. Per article, this is replacement.

    • 2 cubes over says:

      third time's the charm?

  2. Honda of Stamford says:

    Honey? Tell the kids Christmas is going to be a bit tight this year.

  3. UBS MD says:

    Wednesdays are the new Friday!

  4. Bejujular says:

    UBS has succeeded in turning losing money into an art form, wouldn't the worst performers according to their implicit strategy be the most lucrative?

    – UBS Strategic Insights Quant

    • Honda of Stamford says:

      That is always, always funny no matter the situation.

      • UBS HR says:

        Ahh man, that really means alot to me. To be honest I've been putting up bricks for the last…. idk, call it a decade.

        • Bored Guest says:

          Just awarded you a thumbs up for your honesty, looks like this comments section is a sinking ship though, so you'd never have known otherwise.

  5. Jim Lahey says:

    Karl Welzein was just fired… Coincidence? Was this his employer, you guys?

  6. Hobbes says:

    UBS=Undergraduate Business School.

  7. Guest says:

    UBSummers.

  8. guest says:

    UBS is hiring promising talent? Any need for a world class Ping Ponger?

    -G Smith

  9. #REFeree says:

    Looking at the number of down votes, I'd have to say the quality of the comments on this thread thus far have been UB-esque..

  10. Linda says:

    After reading How To Engineer Your Layoff by Sam Dogen, I say bring it on baby!!

  11. UBS sucks says:

    I wonder if they will hire Jerry Sandusky? He is good at "luring" more talent

  12. HR UBS says:

    We shall pluck the stars from Jefferies..

    UBS HR Manual 2.10

  13. uest says:

    All of these comments are terrible including this one. Shame on all of us.

  14. Guest says:

    Hey wait for us!

    – DB and BAC

  15. Anon says:

    UBS = Union Bank of Shit

  16. Guest says:

    UBS Sucks

  17. Work hard before Christmas guys! Finish strong!

  18. CME SP says:

    Seen the SP pit here ?

    Two guys asleep leaning against each other…

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