"In keeping with the theme, the coffee at UBS (along with many,many other things) is shit. It tastes like motor oil mixed with bird feces and vinegar. It's Douwe Egberts and the worst part is the machines cost thousands (3 of them on this floor alone). This is midtown, not Stamford, btw."
Bonus Watch '13: UBS Hedge Fund Employees None Too Happy To Be Treated Like UBS Employees
The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS's O'Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it?
Things Are Going To Suck For A While: UBS Investment Banking Chief, Basically
Or continue sucking, as it were.
UBS Chairman: Other Banks Will Have To Fire Thousands Of Employees Too, Y'Know
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!" A day after UBS AG announced it was cutting up to 10,000 jobs by 2015, UBS chairman Axel Weber is warning that many of the Swiss banking giant’s rivals may have to follow suit...“I suspect that many banks have not yet really understood what the consequences of the new capital rules for business will be when they come into full effect in 2019,” Weber was quoted as saying in Wednesday’s edition of the German daily Handelsblatt. “We, on the other hand, see this new world very clearly,” he said. “Besides that, Swiss rules commit us to even higher own capital demands than the 10 percent capital quota that Basel III orders.” UBS Chief: Other Banks May Need To Downsize Too [AP] Earlier: Layoffs Watch ’12: UBS Tells Employees Not To Bother Themselves With Figuring Out How To Get Into Work (Ever Again)
Layoffs Watch '12: UBS?
Cuts are said to be coming in the near-ish future. "More layoffs are expected to take place within the next 2-3 weeks with at least 10pct cuts across the board in sales, research and trading. Morale has reached a new all-time low (hard to imagine it could become lower?) and at this point many have the attitude that if they get out now at least they'll get a package out of it."