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
Updated:: Jul 2, 2019
Original:: 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."

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."

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

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 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."

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 in New York.

Cuts are said to have down at the best paid bank on Wall Street. "Significant layoffs at Jefferies yesterday, today and more to come in IB. Nine from industrials group alone. Cuts go from 1st yr analyst to SVP. Some groups (m&a, healthcare) still waiting to hear..."