• News

    Layoffs Watch ’12: Deutsche Bank, Barclays, Nomura, Credit Suisse, UBS

    Things could be better in Europe.

    Big investment banks in Europe, including Nomura, Credit Suisse and UBS, are stepping up plans to cut jobs as they seek to adapt to a drastic slowdown in revenues and tighter regulation. Bank executives, headhunters and analysts say that the cuts are shaping up as the deepest since the start of the financial crisis after a disappointing summer dashed hopes of a business revival. One senior headhunter said many large investment banks will have “at least 20 per cent” fewer staff in capital markets and M&A advisory business in Europe by the end of the year compared with late 2011. “It [the market] has never been as bad as this. Bankers have long lost confidence in their banks but now they are also losing their self-confidence, their mojo,” a senior advisory banker said.

    Among the banks that will reduce their investment banking workforce is Japan’s Nomura, where London-based bankers say that they expect several hundred jobs to be removed in Europe alone as part of a $1bn cost-cutting effort. Switzerland’s largest bank UBS, which cut staff levels earlier than rivals by announcing 2,000 job cuts in the investment bank after a $2.3bn unauthorised trading loss last year, is preparing for intensified cuts as it is seeking to streamline further the unit, several people familiar with the situation said. At Credit Suisse, insiders estimate that the additional SFr1bn ($1bn) in groupwide cuts that were announced in July will translate into up to 1,000 jobs being lost, most of which would be in the investment bank. Analysts expect also Deutsche Bank and Barclays to reduce their headcount further this year. Deutsche said two months ago it would reduce staff levels by 1,900.

    Investment Banks Eye Europe Job Cuts [FT]

    / Sep 7, 2012 at 1:44 PM
  • News

    Hiring (At Some Point) Watch ’12: UBS

    The Swiss bank is said to be making the young ones wait to hear if there’s room at the inn.

    “UBS is delaying return offers to summer analysts in S&T from late August to God-knows-when. Reason provided: “It’s difficult to bring key decision makers together due to 2-weekers [taking their mandatory vacation]”

    / Aug 24, 2012 at 3:28 PM
  • News

    Bonus Watch ’12: UBS

    Numbers for first and second year analysts (who are not happy).

    “It’s been two weeks since UBS numbers came out and nobody wants to talk about it, for obvious reasons. Second years (base: 80k) ranging 45-65k and heard of some first years getting around 40k (base: 70k). And they could only achieve these numbers (“in line with the street”) after firing 30+ analysts right before communication day.”

    / Aug 9, 2012 at 1:41 PM
  • The complaint actually mentions that he mostly worked in New York but spent "one to one-half days per week" in Stamford, which I guess is relevant somehow?

    Banks, News

    UBS CMBS Strategist Did Not Like UBS’s CMBS Strategy

    Investment banks are in large part in the business of creating and selling products to […]

    / Aug 3, 2012 at 11:55 AM
  • News

    Layoffs Watch ’12: UBS

    Cuts are said to be going down this morning in Stamford.

    From the front-lines:

    “So far affecting employees in cap markets. We’ve been hearing cuts were coming so I’d imagine there will be more through the day.”

    / Aug 1, 2012 at 11:54 AM
  • Sergio Ermotti has been practicing this pained smile.


    Otherwise Robust UBS Earnings Dragged Down By Inability To Buy And Sell Stocks

    UBS announced earnings today and I tell you, it is hard work to get people […]

    / Jul 31, 2012 at 1:13 PM
  • News

    Hiring Watch ’12: UBS

    The Swiss bank is making its would-be junior mistmakers wait for it.

    “UBS is delaying return offers to summer analysts from August 10th to mid-September, probably to assess how severe layoffs will be.”

    / Jul 25, 2012 at 3:17 PM
  • News

    Layoffs Watch ’12: UBS

    Unfortunately-timed cuts are said to have gone down this morning.

    From the front lines:

    “Over 30 IBD analysts cut at UBS in New York today. 2 days before bonus announcements…”

    / Jul 24, 2012 at 1:17 PM
  • News

    UBS Broker May Have Taken Stress Of The Job Out On 70 Windows In Beverly Hills, Encino Using “Slingshot Projectiles”

    This is his story.

    The unlikely suspect in a string of window breakings in Beverly Hills — a 58-year-old Encino investment adviser — may be connected to 70 additional cases in the area, authorities said. Michael Steven Poret, a broker at UBS Financial Services, was arrested in Encino last week. Police say that Poret vandalized numerous businesses along Ventura Boulevard and several private homes in Beverly Hills. A witness account and private surveillance footage have depicted the vandal as a graying man in white gloves firing marbles at plate glass windows with a slingshot from the driver’s seat of his car, then driving away in no apparent hurry. Authorities believe that Poret could be connected to more than 20 vandalism incidents in Beverly Hills and more than 50 in Encino, as well as several other vandalism reports authorities have received in Van Nuys and Topanga Canyon.

    The vandal appears to target businesses indiscriminately, hitting coffee shops, an autism treatment center and a salon. Luie Velasquez, a detective with the West Valley division of the Los Angeles Police Department, said the police’s top theory is that the suspect sought excitement. “Your guess is as good as mine,” Velasquez said. “For whatever reason, these individuals get some sort of thrill from smashing windows.” Poret was first arrested July 3 after a Beverly Hills patrol officer spotted a slingshot in his vehicle during a traffic stop for a vehicle code violation. A search of his vehicle revealed brass knuckles, knives and slingshot projectiles. Poret was arrested again Thursday in an early morning raid on his Encino home, where police discovered firearms, bb guns, slingshots and marbles similar to those used in the window-breakings.

    A very understanding victim whose windows were hit three times and cost him $7,000 to repair had this to say: “I mean, I know that an investment bankers* are a little nuts. But you know, maybe the market is that bad. I don’t get that. He must be a very frustrated guy.”

    Alleged window-smashing broker may be suspect in 70 more cases [LATimes via TRB]

    *All together now: broker ≠ investment banker ≠ trader ≠ bank teller

    / Jul 18, 2012 at 2:13 PM
  • News

    Meanwhile, At UBS…

    / Jul 12, 2012 at 11:11 AM
  • News

    Banks Defend Against Libor Lawsuits By Asking “Libor? Who Uses Libor, Anyway?”

    It’s no surprise that more Liborneriness is coming to a bank near you; with Barclays […]

    / Jul 6, 2012 at 6:05 PM
  • News

    Do You Let Your Watch Talk For You?

    And if so, do want to wear one that says “I love UBS and I don’t care who knows it” but unfortunately do not work for the bank and therefore were not given a timepiece that says just that? Do not despair.

    You, too, can now own Swatch watch that was specially commissioned to commemorate UBS’s 150th birthday, provided you beat out all the other guys and girls who want a piece of it.

    Swatch Irony UBS Limited Edition – YCZ4001 – New for 2012 [eBay]

    / Jun 28, 2012 at 2:37 PM
  • News

    Other Banks Ask ‘How Are We Supposed To Compete With That?’ After UBS Sets The Anniversary Presents Bar Impossibly High

    Apparently we spoke too soon when reporting UBS had presented every employee with a “specially commissioned watch” to commemorate the 150th anniversary of the bank’s birth, as the gift was actually more of a gift basket that included fine china (which one recipient described as being of “pretty decent quality.”

    / Jun 27, 2012 at 3:29 PM
  • News

    UBS Not Done Showering People With Gifts

    Yesterday afternoon we noted that in commemoration of its 150th anniversary, UBS had given out […]

    / Jun 26, 2012 at 3:34 PM
  • Presented Without Comment

    Happy Birthday, UBS!

    For those who shamefully forgot, today is the anniversary of the Swiss bank’s birth and […]

    / Jun 25, 2012 at 5:02 PM
  • News

    Layoffs Watch ’12: Asia

    The bad news is that Goldman Sachs, Deutsche Bank, UBS, and others have been making cuts and are expected to continue to do so. The good news is that not everybody is upset about it.

    Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the equities business, with more layoffs expected in coming weeks. CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the banks and brokerages that cut jobs, the sources said…The Asia cuts also come at an unexpected time, when expatriate finance professionals are preparing to hunker down for the summer while their families head home for the holiday. “I’m disappointed, but in some ways I’m glad I was cut early in this round, because everyone is looking over their shoulder,” said Cassandra Lister, who was recently let go as a managing director at Societe Generale in Hong Kong. “They’re looking around and wondering ‘Am I next?’ It’s a horrible work environment.”

    Asia’s Investment Banks Launch Round Of Job Cuts [Reuters]

    / Jun 25, 2012 at 11:44 AM
  • News

    UBS Concerned With The Company Some Of Its Employees Keep

    The following is a (not at all comprehensive) list of things that UBS could legitimately be embarrassed about:

    – Losing so much money that a rogue trader’s $2billion loss barely registered above ‘meh’ on the Do We Care scale
    – Awarding 4-figure bonuses to managing directors
    – Employing a guy who “implored bankers to make a more concerted effort to streamline the firm and likened the strategy to slashing expenses like a ‘Jewish shopkeeper’
    – Having their entire healthcare team decide Jeffereies is a better place to work
    – Being scammed by a bunch of ops guys
    – Pulling a reverse Field of Dreams and spending all the money it didn’t have to build a 103,000-square-foot trading floor, in a 700,000-square-foot building, that no one wants to work on
    – Getting no respect from the people of Stamford, who’d prefer “a nice big Costco” move into the space
    – Having to distribute a step-by-step guide re: how to tie a tie

    And yet, rather than feel some measure of humiliation about, for instance, the PowerPoint admission that their grown men employees don’t know how to dress themselves or taking the time to send out a memo that reads “Subject: Hey, Body: Stop losing so much fucking money!”, the bank’s execs are going with this:

    …Robert Wolf, a top UBS executive in New York, is among President Obama’s leading fund-raisers, building more than $500,000 for his re-election so far this year. A regular presence at big campaign fund-raisers, Mr. Wolf, who is 50, golfs and vacations with Mr. Obama and is known for e-mailing friends photos of himself with the president. While such a close relationship might have been envied by other bankers in 2008, when much of Wall Street was infatuated with Mr. Obama and donated heavily to his presidential bid, it has been making other UBS executives uneasy of late…With media reports pointing out that one of the bank’s top executives is also one of the Obama campaign’s top bundlers — a word that one UBS executive said “makes people’s hair stand on end” inside the bank — the Swiss banking giant has decided to take an unusual step.

    The bank’s powerful group executive board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm’s press office. Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf…“You will clear any and all communications with the press as far in advance as possible,” the directive to Mr. Wolf read. “With respect to activities outside UBS you will, on a best-efforts basis, keep corporate communications informed.”

    Bosses Reign In Banker Who Golfs With Obama [Dealbook]

    / Jun 21, 2012 at 11:47 AM
  • News

    Swiss National Bank Is On To This “Swiss Banks Are So Great” Scam

    The Swiss National Bank is not particularly thrilled with the state of the Swiss Not-Quite-National […]

    / Jun 14, 2012 at 6:01 PM
  • News

    Kweku Adoboli Is A Free Man!

    Kind of! Though he doesn’t go to trial until September, the UBS’s rogue trader was granted bail after ten months in jail and a February denial to go home. Naturally, he’s pretty pleased about the turn of events (which allow for sleepovers).

    Mr. Adoboli, 32, has to stick to a curfew but can stay at a friend’s house wearing an electronic tag as part of the bail agreement. Tim Harris, Mr. Adoboli’s lawyer at Bark & Company, said his client was “delighted” and would like to thank family and friends for their support in achieving his release. Mr. Adoboli is expected to be released from London’s Wandsworth prison as early as Monday, Mr. Harris said. Mr. Adoboli had pleaded not guilty to counts of false accounting and fraud. He was arrested in September after UBS alerted the police. The bank claimed that Mr. Adoboli had masked the billion dollar losses from internal controls with fictitious trades. Mr. Adoboli has remained in custody ever since his arrest. The trading scandal rocked the Swiss bank and led to the resignation of its chief executive, Oswald J. Grübel. Denying Mr. Adoboli bail in February, the judge said that the allegations against the former trader were “serious” and “backed up with cogent evidence.”

    Former UBS Trader Is Granted Bail [Dealbook]

    / Jun 8, 2012 at 6:14 PM
  • News

    UBS Not Sweating The Small Stuff

    UBS is sitting on losses that could be as high as $350 million stemming from […]

    / Jun 8, 2012 at 2:42 PM
  • News

    Layoffs Watch ’12: UBS

    The firings continue, and the timing is impeccable.

    / Jun 7, 2012 at 6:34 PM
  • News

    Layoffs Watch ’12: UBS

    Cuts are said to have gone down at the Swiss bank today.

    “Layoffs at UBS IBD, as if moral wasn’t low enough at 299 Park. M&A, FIG, TMT affected.”

    / May 23, 2012 at 6:49 PM
  • ubszurich2-260x195


    Layoffs Watch ’12: UBS

    The Swiss are not yet done with their firings.

    “FYI, layoffs going down right now in IBD at UBS as well.”

    / Mar 29, 2012 at 2:50 PM
  • sergio ermotti


    Court Finds That UBS Exploited Clients And Tricked Them Into Overpaying For Toxic Securities, But In A Legal Way

    This is kind of exciting: a bank won a CDO case! Or: something nice happened […]

    / Mar 28, 2012 at 12:35 PM
  • UBS


    Layoffs Watch ’12: UBS

    Cuts are said to be going down circa now.

    “FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way.”

    / Mar 28, 2012 at 12:08 PM
  • News

    UBS Hitches Its Wagon To Bear Stearns Alum’s Star

    Princes of Bear Stearns, kings of Lehman Brothers– have you attempted to gain new employment […]

    / Feb 24, 2012 at 6:24 PM
  • sergio ermotti 17feb12


    Banks Were Asked If They Would Prefer To Make More Money Or Less Money, Chose More Money

    One kind of obvious thing about financial markets is that you can’t just call everyone into a room and tell them, “look, guys, just be honest about the price that you would pay / receive for Thing X.” This is because financial industry traders are degenerate lying scumbags. No, wait, that’s not right. This is because if everyone just told each other their reserve prices then it would be really hard for them to make any money trading and so we, like, wouldn’t have a financial system. So you have things like anonymous execution on stock exchanges and dark pools and, um, lying scumbag traders. And that allows you to have profitable trading.

    Of course you have to put some limits on the lying scumbaggery: you can’t tell people you’re investing their money while really blowing it on hookers, and I guess now you can’t sell someone synthetic CDOs without telling them who was on the other side. But a little fudging around the edges about the price you’re willing to pay or receive – or the price you could pay or receive elsewhere – is kind of at the heart of what trading is.

    So in a sense the amazing thing about the Libor scandal is that people are amazed by it. A quick recap:

    / Feb 17, 2012 at 2:27 PM
  • UBS_SECRETS_10808f


    Bonus Watch ’12: Is UBS Trying To Tell Us Something?

    Admittedly it’s just a theory but hear us out– based on the following bonus numbers […]

    / Feb 15, 2012 at 11:54 AM