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UBS Puts Hiring On Ice (Update)

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Back in May, UBS AG investment-banking chief Carsten Kengeter told employees that he was "done with their complaints about pay," and that those asking why they haven't seen a bonus in several years "just don't get it." While the tough love approach may have worked for some, others felt it was too much, with one senior banker noting that "You got off the call and thought 'how can I stay here any longer?'" And yet, despite the fact that there's been very high turnover at the bank in the last few months, which many believe has to do with the whole lack of pay situation, there are probably people out there who'd love to work at UBS. Young children in Switzerland. Recent business school graduates who've dreamed of living in Stamford their whole lives. Twenty year Wall Street vets looking to jump from Goldman. Unfortunately, those dreams have been dashed by Kengeter, who informed the investment bank that no one is getting, indefinitely.

Carsten Kengeter sent a memo last Thursday saying no new hires until his office provides further notice.

Additionally, according to those at the bank "all internal transfers have been put on hold. Current interns from last year who haven't been placed in a group yet are unlikely to be placed. Kengeter added that there were no exceptions for employees of any level to be hired, even if they were being hired to fill roles of employees who have departed the firm."

Update: A spokeswoman for the bank clarifies that the above is "not a hiring freeze" and that it is "typical for investments banks in normal course of business to slow hiring at this point of the year."


Layoffs/Hiring Watch '12: UBS

The Swiss bank is said to be planning a big round of cuts in the investment bank with the aim of saving a bunch of money, which it will then spend on luring in "more promising talent." is embarking on a new round of job cuts within its investment bank, according to people familiar with the matter, as the Swiss bank grapples with a downturn in business that shows few signs of abating and considers a further restructuring of the division. UBS will begin notifying employees Wednesday of a new round of job cuts totaling roughly 400, the people said. Additional job losses that could run into the thousands may quickly follow. According to one of the people, there is a "good probability" that when UBS discloses its third-quarter results next Tuesday, it will make clear which businesses it intends to focus on in the years to come, and which ones it will de-emphasize...This week's jobs cut will be spread roughly evenly across North America, Europe and Asia, one of the people said. They will fall more or less evenly on fixed-income trading, equity trading and corporate finance, although the latter will bear slightly more of the brunt than the former two divisions. While these job cuts are mainly mean to cut costs, they are also part of a plan to cull the worst performers from the investment bank's ranks and create room for it to hire more-promising talent, one of the people said. UBS Plans More Job Cuts [WSJ]

Hiring Watch '16: UBS Wants Bankers

If you know anyone who's interested.

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."

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]"