eFinancialCareers

Back

Send Print

Comments (17)

• Oldest first
• Latest first
• Comments 1 - 10 of 17

• Now it´s the best choice, to split UBS. Maybe IB was never a great idea. You cannot be the best in all categories, or maybe they should hire more efficiently (less sons of millionares/clients).
  The talent does not depend on how much money your family has.
  People who have worked there might know well of what I am talking about.

  Anonymous 18 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• The IB is now valued in negative territory. There's now point in holding onto it - except, of course, that finding a buyer in this market about as likely Goldman acquiring Dresdner.

  Cut loose 19 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Fewer than 10% of UBS' private banking referrals come from its investment bank. The model is clearly defunct...but that's not stopping Thain from crowing that he's about to try the same thing at Merrill. Wake up and smell the coffee boys.

  Mervyn King 19 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Get out of UBS now before it's too late. Severely reduced risk aversion at the investment bank is a sure sign of lower profitablity, reduced pay, and a certain exodus of talent.

  Anonymous 19 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Watch out for a higher number of unfair dismissal claims as UBS seeks to reduce headcount fast

  Anon 21 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• UBS are well known for taking a creative approach to headcount reduction since the first subprime hit in Q107. Dismissals for claimed poor performance (without following the performance monitoring procedure to ensure the employee have a fair opportunity to improve), alleged misconduct, claiming employees were abusing sick leave etc. Considering UBS is a bank who claims it is a “great place to work”, it is surely a very negative sign that they don’t take more care to protect their reputation. Perhaps the lawsuits from various stakeholder groups will encourage UBS to take a more responsible approach to the business

  Anonymous 24 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• UBS should be torn limb from limb, really.  In my opinion their redundancy procedures don't have very much in common with UK employment law - but don't let anyone fool you: you try and get them to court and they'll run you out of money before you can blink, even if you have been treated unlawfully.  It isn't about integrity or a fair deal for employees.  It's about who's holding the folding.  My advice to any UBS employee in the process of being shafted (and in my experience it will happen, just as night follows day):  get the hell out as fast as you can and dont' think about pursuing them in court. Their budget for litigation is thousands of times greater than yours, and they'd rather spend money on lawyers than on mediating a fair deal with you.

  Jane 24 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Jane, thanks for your comments. It's good to hear someone being so honest instead of pretending UBS is such a wonderful employer. I also know UBS has deep pockets and try to run you to the ground financially to avoid litigation. I was lucky to have been given advice to check if I had legal expenses insurance. Most private individuals are covered without even realising. It is probably included in one of your credit agreements, for me it was in my home insurance. I was able to get a £300/hr solicitor under my insurance cover. I had to fight hard and they did play dirty to get me to back down, but I took the view I just had enough of them trying to damage my reputation and make me feel I had done something wrong. In reality, the bank has to make a specific number of cuts from each business area. My manager chose to try to cut me because I had been bullied before and it reflected badly on his management ability. I sincerely hope you find somewhere better to work than UBS. UBS has really tried to knock my confidence but I feel I have come out a much stronger and they need to know people will stand up to them

  Anon, UBS 25 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Another point for Anonymous: UBS has been at it on creative headcount reduction much longer than since Q107: haven't you heard the one about the dozen or so equity researchers all picked for the chop in September/October 2001 - who were told that they were picked on the basis of their performance appraisals?  Those same performance appraisals undertaken in December 2001?

  Jane 25 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator

• Thanks, Anonymous, I appreciate your comments about legal insurance.  Unfortunately, many legal expenses insurance options have specific exclusions on both Employment and Data law, both of which are crucial if you are to pursue a bank which has falsified/holds inaccurate and damaging data about you.  We went the Litigant in Person route to the High Court, requesting a document which in my opinion demonstrates that the bank had 'massaged' personal data to suit its cost-cutting agenda of the time. (And, coincidentally, accidentally sent out to uninvolved third parties, which wasn't very professional).  Unfortunately, although the court says you should normally opt for what's called a 'Pre-Action Disclosure' application (it saves court time and resources),  the one area of law that this doesn't seem to cover is Data Protection.  As litigants in person, you don't really have much chance against a big team of legal heavies, with barristers et al,retained by UBS, all saying you can't have the document until you make a claim.  And then hitting you with thousands of pounds in costs for daring to try.  Puts you off a bit.

  Jane 25 Mar 2008

  RECOMMEND Recommended 0 times | Alert Moderator