Layoffs Watch '11: UBS


Cuts are apparently a' coming next month.

As previously mentioned, UBS has been considering letting 5,000 employees know their services are no longer necessary at the bank, and with some less than stellar earnings today that have the bank reevaluating everything from its profit target to its meaning in life, the cuts seem even more likely. While some reports have noted that the axings will be mostly contained to back office, we're told that they're expected to be "across the board with FICC and Trading taking the biggest hits" and occur "before September," which is going to ruin the Beamers Back To School party.


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."

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..."

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."