Layoffs Watch '12: UBS

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."

Author:: Bess Levin
Publish date:: Oct 25, 2012

Cuts are said to have gone down at the Swiss bank yesterday, with an HR SEAL Team 6 "flown in from NYC" to take out the West Coast employees.

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 from NYC 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."

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..."

The Swiss are said to be packing it in on the West Coast.

Cuts are said to be going down this morning in Stamford. From the front-lines: "So far affecting employees in cap markets. We've been hearing cuts were coming so I'd imagine there will be more through the day."

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."

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."

Cuts were said to have gone down at the House of Dougan this week. "Layoffs at Credit Suisse this week, mostly Wednesday and Thursday. ASO / VP level in IBD groups in New York (TMT, Energy, Industrials, Sponsors)."

The Swiss are not yet done with their firings. "FYI, layoffs going down right now in IBD at UBS as well."

UBS is said to be embarking on a "fresh round of cuts" in the investment bank, starting with the team in Europe. UBS, Switzerland’s biggest bank, plans to cut about 80 to 90 jobs in its European investment- banking division as part of a global revamp, according to two people familiar with the matter. The cutbacks, which are likely to take place before year- end, would amount to about 17 percent of staff within the region’s investment-banking division and include junior and senior bankers, said the people, who asked not to be identified because the plans are private. The division includes merger advisory and equity and debt capital markets. The reductions probably will kick off a fresh round of job cuts within the broader investment bank, which includes UBS’s fixed-income and equities units, said the people. [Bloomberg]