Cuts are said to have gone down at the Swiss bank yesterday, with more thought to be a' coming. From the front lines: "Massive cuts at UBS west coast IBD offices yesterday-- 50 percent headcount reductions in both LA and San Fransisco, from MDs down to admins. HR was flown in to do the job. Rumor is that LA and SF office will be closed down completely next year. There were also some cuts in NYC, in FIG and TMT."
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]
Cuts are said to be coming next week. "FYI: Layoffs next week at Macquarie in New York, mostly at the SVP and MD level, right before their FY-end. Not much in terms of bonus pool given weak deal flow." Related(-ish): Macquarie Bank Miranda Kerr Enthusiast On A Time Out ‘Til Superiors Decide What To Do With Him