Remember, last week, when UBS called New York-based employees the day after Hurricane Sandy to tell them they no longer had a job, and communicated the same news to London-based staff by deactivating their ID cards and cutting off their email access? The bank is hoping everyone is at the point where they can laugh about all that, as apparently management got a bit overzealous with its firings– these things happen in the heat of the moment– and actually let go of a few too many people, who are now being offered their jobs back.

UBS has brought back several employees who were put on leave when it unveiled a drastic pullback from fixed income last week, and more could follow, sources familiar with the situation said. The Swiss bank stopped dozens of traders from reaching their desks in London last Tuesday, when it unveiled an exit from most of its rates and bond trading businesses in a strategic overhaul that will lead to 10,000 global layoffs. The bankers were placed on special leave until further notice, while in the United States UBS fired several fixed-income employees by phone. UBS has already brought back a small handful of employees who were on leave, two people familiar with the matter said. It could also ask more to return or rehire some where needed, said three other sources, including UBS insiders, adding that some desks were now too thinly staffed to operate properly.

No hard feelings?

UBS takes back some traders on leave amid overhaul [Reuters]
Earlier: UBS Takes Swift Action On Job Cuts; Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)

45 comments (hidden to protect delicate sensibilities)
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Comments (45)

  1. Posted by Axel Weber | November 7, 2012 at 3:56 PM

    Hey, I just needed the Lebensraum.

  2. Posted by Dick Cheney | November 7, 2012 at 4:00 PM

    Leave is the new "you've been fired"

  3. Posted by Louis Winthorpe III | November 7, 2012 at 4:01 PM

    No need to be witty — what a fucking shitshow.

  4. Posted by Padraig | November 7, 2012 at 4:05 PM


  5. Posted by Bejujular | November 7, 2012 at 4:05 PM

    They can't even fucking fail at HR properly?

  6. Posted by qwestion | November 7, 2012 at 4:09 PM

    Rehired, but with "years employed with the company" reset to zero (for severance / 401k / vesting purposes)?

  7. Posted by Quant me maybe | November 7, 2012 at 4:18 PM

    1 Cash severance check and move to another account.
    2. Go back and bring a toy giraffe.
    3. Fat finger an Apple order by a least one order of magnitude.
    4 Whistle It's a Wonderful World by Louis Armstrong on the way out the door.

  8. Posted by guest | November 7, 2012 at 4:20 PM

    We're having trouble finding the positions we hold. We need you to come back in and help us filter through all the Internet porn. Every time we search "position" we are overwhelmed with "doggy style" files.

  9. Posted by Ann Landers | November 7, 2012 at 4:24 PM

    Obama would never let this happen.

  10. Posted by investorcluzo | November 7, 2012 at 4:24 PM

    fool me once, shame on you; fool me…fool me…I can't get fooled again!
    -UBS Oval Office Quant

  11. Posted by Guest | November 7, 2012 at 4:25 PM

    "I knew signing that lease on the new Accord was a good idea!"

    -UBS Rehired FID MD

  12. Posted by Guest | November 7, 2012 at 4:25 PM

    Jesus, is anybody at the switch over there? How is it possible to not realize that beforehand?

  13. Posted by Margin Stanley | November 7, 2012 at 4:26 PM

    UBS v. Nomura: Who ya got?

  14. Posted by Guest | November 7, 2012 at 4:34 PM


    – The WHO

  15. Posted by Turnip Truck | November 7, 2012 at 4:38 PM

    Oh, the humanity and all the people!

  16. Posted by Walker | November 7, 2012 at 4:47 PM

    please please stop the UBD honda accord joke. So incredibly not funny.

  17. Posted by Fogey Wasteland | November 7, 2012 at 4:50 PM

    Pretty sure they're down to being The Two.

  18. Posted by Trickster | November 7, 2012 at 5:04 PM

    Amazing… Only UBS could accomplish the seemingly paradoxical task of both sucking and blowing at the same time

  19. Posted by Madea of UBS | November 7, 2012 at 5:09 PM

    That's how UBS differs from Donald Trump. Least he doesn't rehires who he fires. Other than that – they are both alike. Too big to fail. And Stupid.

  20. Posted by guest | November 7, 2012 at 5:10 PM

    "See you tomorrow" is the new "you've been fired"

  21. Posted by Flo | November 7, 2012 at 5:19 PM

    "I knew signing that lease on the new Camry was a good idea!"

    -UBS Joke-fixing quant

  22. Posted by agreatdaytothink | November 7, 2012 at 5:23 PM

    People with low self respect bully people with even lower self respect…..but what do you do when one day you are let go and that afternoon you are home when the mail man get there, and you see the letter from Honda Financial Services and a couple days later you get that lifeline…you take it and you feel temporarily relieved and ignore until forever all phone calls from people who you already told you were fired

  23. Posted by Nationalist Germany | November 7, 2012 at 5:25 PM

    We did not like the Swiss

    AT ALL

  24. Posted by Ex UBS MD | November 7, 2012 at 5:27 PM

    Well the desks never really functioned properly

  25. Posted by UBS HR | November 7, 2012 at 5:30 PM

    The overlapping series of cuts confused things.

    If you got fired twice or two notices, that is sort of working like multiplying two negative numbers.

    So it's a positive for now.

  26. Posted by Rodskog | November 7, 2012 at 5:36 PM

    I should just end it – is the GW bridge tall enough?

  27. Posted by C Bayer | November 7, 2012 at 5:39 PM

    No, you shouldn't feel that way, atleast your breath isn't as bad as mine.

  28. Posted by Rodskog | November 7, 2012 at 5:40 PM

    Oh yeah, I was meaning to tell you that coffee is the new breath mint. I've been doing it for years – people love the way I smell.

  29. Posted by C Bayer | November 7, 2012 at 5:40 PM

    Thanks buddy, I knew we had more in common than everyone's hatred for us.

  30. Posted by UBS Campus HR | November 7, 2012 at 5:55 PM

    At UBS, new hires are our greatest asset! They come with the benefit of not having been trained by UBS.

  31. Posted by File Inside Computer | November 7, 2012 at 6:05 PM

    I guess those SEC investigators really got into every nook and cranny of the system.

  32. Posted by Macquarie MD | November 7, 2012 at 6:25 PM

    Circular breathing is key to playing the didgeridoo, mate.

  33. Posted by Financial Samurai | November 7, 2012 at 6:28 PM

    Great to see hiring is back after an Obama victory! If Mitt got elected, OFF WITH YOUR HEADS!

  34. Posted by Jeffrey Gundlach | November 7, 2012 at 6:51 PM


  35. Posted by Guest | November 7, 2012 at 7:52 PM

    UBS made them park in the auxiliary parking lot so that they might get run over crossing the street. HR does not want their day ruined.

  36. Posted by Annoyed Guest | November 7, 2012 at 9:09 PM

    go kill yourself.

  37. Posted by RETARD | November 8, 2012 at 3:59 AM


  38. Posted by Guest | November 8, 2012 at 8:33 AM

    Should have opted for the Prius instead.

  39. Posted by B Iteme | November 8, 2012 at 8:44 AM

    Who would go back? How many Robert Pattinson's are out there?

  40. Posted by Guest | November 8, 2012 at 9:15 AM

    UBS sucks AND blows.

  41. Posted by UBS HR | November 8, 2012 at 9:39 AM

    With UBS on their resumes who else is going to hire them?

  42. Posted by Donny | November 8, 2012 at 9:47 AM

    Peace Sign, Bunny Ears, Fake Wiener…then leave on your own terms

  43. Posted by Guest | November 8, 2012 at 10:01 AM

    Actually, Trump kept bringing back that very nice lady Omarosa for no reason at all.

  44. Posted by Swiss hedge | November 8, 2012 at 10:26 AM

    Much like resetting a high water mark for performance fees after years of underperformance….

  45. Posted by Ex UBS Intern | November 8, 2012 at 7:24 PM

    I f***ing hate this place so much.

  46. Posted by KIDDD!!!!!! | November 9, 2012 at 9:31 PM

    UBS…….. Nomura is like your loser friend who pulled a smokeshow once. Your happy for him, but the whole time you know it will never happen again.