The bank has ran its own internal investigation and found no evidence of wrongdoing but prosecutors are still going to take a look-see themselves. Read more »
Hiring Watch ’12: UBS Was Just Joking When It Fired Scores Of Employees In The Harshest Ways ImaginableBy Bess Levin
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.
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Difference is, UBS is the only one that’s faced facts already, ’cause they’re consistently ahead of the curve like that. Credit Suisse, Deutsche Bank, all those other guys will get a cold hard dose of reality sooner or later, though, and when they do they’ll say, “Damn! UBS was all over this! We’re not worthy!” Read more »
A thing we sometimes do here is hold ad hoc seminars in reading press releases and UBS provided a good one yesterday. When you read this:
UBS announces strategic acceleration from a position of strength
and it goes on to say this:
Group CEO Sergio P. Ermotti said, “This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care.”
UBS turned its plan to cut 10,000 jobs into reality when it prevented dozens of London-based employees from entering its offices on Tuesday.
Some of the Swiss lender’s fixed income traders discovered that their passes were no longer working when they tried to get to work at its Finsbury Avenue offices on Tuesday morning, bank insiders said. … “I was glad to see that my pass was working this morning,” said one banker who made it into the offices.
Were you? Why?
Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)By Bess Levin
Earlier this week, before a natural disaster struck the East Coast, UBS announced that it would be calling it quits on its fixed income experiment and focusing on wealth management, letting go of approximately 10,000 employees as it transitioned back to its tax evading roots. That was Monday morning, and while the bank had said that it planned to start cuts on Tuesday, most people assumed that the Swiss would wait at least 24 hours between the time Connecticut Governor Dannel Malloy told residents to seek safety from the storm on their roofs or power for the many who lost it was restored or NY/NJ/CT mass transit started functioning again to can a bunch of staff. Those people, however, thought wrong. Apparently when UBS higher-ups decide to do something, neither wind nor rain nor is gonna stop them. Read more »
Management has decided to burn the investment bank down and start fresh (basically). Read more »
As those of you keeping up with the many trials and travails of UBS know, the last couple years have been fairly brutal for investment banking chief Carsten Kengeter. Pre-tax IBD profit was down 55 percent YoY through June, employees are constantly on his ass about getting paid, the comments he made in attempt to “rally the troops” re: “slashing expenses like a Jewish shopkeeper” were totally taken the wrong way, some guy perpetrated a $2 billion fraud (which was partially to blame for CK getting passed over for the promotion he was gunning for), and to top it all off, the higher-ups accepted his offer to forgo a bonus for 2011, which he would never have put out there if he thought they’d actually go for it. And now, as a thanks for all his hard work, management is publicly mulling the idea of lightening his load and paycheck, which could not come at a worse time considering he just put a down payment on a signed first-edition copy of Mein Kampf.* Read more »