UK
How bad is it at UBS?
2 October 2007
UBS is making 1,500 redundancies. Is it better to jump before you’re pushed?
The Swiss bank has come a cropper after finding itself ‘clearly overweight in the US sub-prime market’, and is swiftly clearing out staff in both its operations and fixed income divisions. Given UBS is better known for its equities than its fixed income prowess (it ranked 10th in European DCM in the first half of the year according to Dealogic), how easy will its fixed income folks find it to walk into new jobs? And given that the first round of redundant staff tend to receive higher payouts than subsequent ones, should UBS bankers be angling for an exit regardless?
Your thoughts please….
I'd be surprised if anyone in equities at UBS is adversely affected by what's happening in fixed income. Bonuses may be diluted but that won't be unique to UBS - look at Merrill and Lehman. If anything, UBS equities business is doing fantastically well - at least that will ensure they get paid.
Mr Equities 02 Oct 2007
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