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Hiring Watch ’12: UBS Was Just Joking When It Fired Scores Of Employees In The Harshest Ways Imaginable

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)

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45 Responses to “Hiring Watch ’12: UBS Was Just Joking When It Fired Scores Of Employees In The Harshest Ways Imaginable”

  1. Axel Weber says:

    Hey, I just needed the Lebensraum.

  2. Dick Cheney says:

    Leave is the new "you've been fired"

  3. Louis Winthorpe III says:

    No need to be witty — what a fucking shitshow.

  4. Padraig says:

    Mulligan?

  5. Bejujular says:

    They can't even fucking fail at HR properly?

  6. qwestion says:

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

  7. Quant me maybe says:

    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. guest says:

    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. Ann Landers says:

    Obama would never let this happen.

  10. investorcluzo says:

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

  11. Guest says:

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

    -UBS Rehired FID MD

  12. Guest says:

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

  13. Margin Stanley says:

    UBS v. Nomura: Who ya got?

    • KIDDD!!!!!! says:

      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.

  14. Turnip Truck says:

    Oh, the humanity and all the people!

  15. Trickster says:

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

  16. Madea of UBS says:

    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.

  17. agreatdaytothink says:

    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

  18. UBS HR says:

    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.

  19. Rodskog says:

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

  20. UBS Campus HR says:

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

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

  22. Guest says:

    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.

  23. B Iteme says:

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

  24. Guest says:

    UBS sucks AND blows.

  25. Donny says:

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

  26. Ex UBS Intern says:

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