• 23 Oct 2012 at 3:39 PM

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]

Comments (32)

  1. Posted by Oceanic 815 | October 23, 2012 at 3:44 PM

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

    Because they've been firing the best performers?

  2. Posted by Honda of Stamford | October 23, 2012 at 3:45 PM

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

  3. Posted by UBS MD | October 23, 2012 at 3:46 PM

    Wednesdays are the new Friday!

  4. Posted by Bejujular | October 23, 2012 at 3:48 PM

    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

  5. Posted by UBS HR | October 23, 2012 at 3:48 PM

    [youtube grbSQ6O6kbs http://www.youtube.com/watch?v=grbSQ6O6kbs youtube]

  6. Posted by Honda of Stamford | October 23, 2012 at 3:49 PM

    That is always, always funny no matter the situation.

  7. Posted by Jim Lahey | October 23, 2012 at 3:54 PM

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

  8. Posted by Walker | October 23, 2012 at 3:59 PM

    Was there a time when the UBS Honda thing was funny?

  9. Posted by Mirror on Wall | October 23, 2012 at 4:01 PM

    Starting to feel like this might have been a bad year to upgrade from the Civic to the Accord there UBS corporate finance MD?

  10. Posted by UBS HR | October 23, 2012 at 4:08 PM

    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.

  11. Posted by Hobbes | October 23, 2012 at 4:13 PM

    UBS=Undergraduate Business School.

  12. Posted by E. Cartman | October 23, 2012 at 4:20 PM

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

    I promise: I am talented.

    - J. Paulson

  13. Posted by Youknow | October 23, 2012 at 4:22 PM

    To prepare for a life of Unemployed Business Student

  14. Posted by Ricky | October 23, 2012 at 4:24 PM

    Make like a tree and fuck off, Lahey.

  15. Posted by Guest | October 23, 2012 at 4:26 PM

    UBSummers.

  16. Posted by Bored Guest | October 23, 2012 at 4:39 PM

    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.

  17. Posted by readmore | October 23, 2012 at 4:50 PM

    "……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.

  18. Posted by guest | October 23, 2012 at 5:01 PM

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

    -G Smith

  19. Posted by #REFeree | October 23, 2012 at 5:16 PM

    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..

  20. Posted by Springbok hunter | October 23, 2012 at 5:23 PM

    Sorry we actually link comp to production, know that fucks with you.

  21. Posted by CME SP | October 23, 2012 at 5:24 PM

    Seen the SP pit here ?

    Two guys asleep leaning against each other…

  22. Posted by Linda | October 23, 2012 at 5:37 PM

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

  23. Posted by Everyone | October 23, 2012 at 5:39 PM

    Fuck off, Financial Spamurai.

  24. Posted by UBS sucks | October 23, 2012 at 5:44 PM

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

  25. Posted by HR UBS | October 23, 2012 at 5:49 PM

    We shall pluck the stars from Jefferies..

    UBS HR Manual 2.10

  26. Posted by uest | October 23, 2012 at 6:03 PM

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

  27. Posted by Guest | October 23, 2012 at 6:19 PM

    Hey wait for us!

    - DB and BAC

  28. Posted by Anon | October 23, 2012 at 6:46 PM

    UBS = Union Bank of Shit

  29. Posted by Guest | October 23, 2012 at 10:16 PM

    UBS Sucks

  30. Posted by Financial Samurai | October 23, 2012 at 10:48 PM

    Work hard before Christmas guys! Finish strong!

  31. Posted by 2 cubes over | October 24, 2012 at 8:41 AM

    third time's the charm?

  32. Posted by Lord Humongous | October 24, 2012 at 10:08 AM

    I think you may be the worst commenter in history