Hiring Watch '16: UBS Wants Bankers

If you know anyone who's interested.
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Worried you might be losing your investment banking gig at Credit Suisse in the near future? Good news! There's another Swiss bank that's on the prowl for exactly your type.

It’s a challenging time for many European banks, and others on Wall Street, but that hasn’t stopped UBS from pressing forward with a years-long effort to beef up its investment-banking operation on this side of the Atlantic. Since May of last year, when The Wall Street Journal reported on the push, UBS has hired another 20 managing directors in the Americas, according to a spokeswoman...UBS and its securities and investment-banking chief Andrea Orcel have determined that to win business from corporate clients with increasingly global aspirations, it’s necessary to have a meaningful presence in the U.S., the biggest investment-banking market in the world.

UBS’s U.S. Banker-Hiring Push Continues Amid Volatility [MoneyBeat]

Related: Layoffs Watch ’16: Credit Suisse To Lighten Its Load By 4 Figures Worth Of Employees

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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]

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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."

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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]"