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The wonders of working for UBS

21 January 2008

Sarah Butcher

It’s lost a packet on dodgy trades, ‘shaken up’ its prop trading division, and plans to pay high stock bonuses. Who wants to work there?

Lots of people, according to everything we’ve ever written on UBS. Once when we addressed the subject a loyal employee declared himself willing to pledge his allegiance to the bank even if it didn’t pay a bonus – which is fortunate, given this may well come to pass.

What’s the source of such devotion? According to the comment-leaver, it’s all down to the Swiss bank’s work-life balance, but we’ve been doing a little digging and it appears there’s more to it than that.

Part of the appeal appears to be the presence of old people. “I joined from a US bank less than a year ago,” says one bond trader, “and on my part of the floor there’s a huge amount of experience that you just don’t get at US houses, which churn and burn staff.”

All those grey hairs apparently make for a ‘friendlier’ working environment and greater camaraderie. “It’s a very, very nice place to work,” he exudes.

The question is, therefore, can this niceness survive redundancies and a shake-up which includes a reduction in prop trading and the combination of debt and equity underwriting operations?

Nice no more

Maybe not. According to one headhunter who works with the bank, the culture in the all-important equities division is already changing for the worse: “Historically, they were all nice to each other, but that changed when Alex Easton left. It’s become a lot more aggressive and commercial.”

Jason Kennedy, managing director of search firm Kennedy Associates, says UBS is easier to pull people out of than it used to be: “There’s been a shift – before, it was a nice place to work, people believed in the company, and the ethos was that you were at a top-tier firm that was not too aggressive and not too passive.”

Since Peter Wuffli left in July, Kennedy says there’s been a loss of morale: “And bonuses paid substantially in stock aren’t going to help that.”

Comments (38)

Is UBS a wolf in sheep's clothing or are we as employees too naive about the compensation strategy?

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Comments (38)

  • Pssst....any  jobs ??

    Gerry Atrick 21 Jan 2008

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  • I worked for UBS in the past and not only was it a great place to work, it was one of the best on the Street when it came to getting things done. I have also worked for US houses that are hyper-political and super aggressive, breeding a culture of achievement aversion ( why stick your neck out and do something different when all you have to do is manage upwards). The UBS culture I recall was always clean and professional, I hope they don't just slavishly copy the US cultural model, trapping themselves in a mire of politics and paralysis by numbers.

    Wizard of EC1 21 Jan 2008

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  • You've all doing a wonderful job...

    Young Mr Grace 21 Jan 2008

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  • In time after the current restructuring UBS will be back in the premier league of Investment Banking, even after all of this mess they still have the franchise,expertise and most importantly deep pockets to compete again.

    Paul Becker 21 Jan 2008

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  • UBS is a great company to work for - but as always it depends on the management of your department. I joined UBS over a year ago and in terms of culture it has not lived up to it's reputation

    Anon 21 Jan 2008

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  • It isn't called Useless Bank of Switzerland for nothing you know...

    Fisher Price 21 Jan 2008

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  • i hear there are a lot of very grim-faced folk still hanging about late on a friday night. as a result, they have locked all stationary cupboards and told staff to be extra vigilant with their umbrellas.

    rey 21 Jan 2008

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  • UBS claim that they are the only bank that puts U before the BS.  Having been there for 2 years, this is rubbish and from my experience they are not much different to an american bank.  The only difference is that they lack the deal flow of top tier american houses so their lack of comparitive work load is perhaps the reason for the false perception of a work life balance there.

    All banks are the same.  People talk so much about culture and teamwork but when it comes down to it none of this actually matters.

    Ex UBS Trader/Structurer 21 Jan 2008

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  • I have said it before and I will say it again -I would work for UBS without a bonus on 25/1. They may not pay as much as Goldmans but they offer a fantastic work life balance, a good vibrant working culture. They reward you for hard work and are understanding when you need time off. 

    The chasing pack (the other IBs) will be chasing for a long time. The leviathan in Liverpool St is head and shoulders above the prentenders to the thrown.

    Its U and US against the rest of the City and Docklands.

    Repo Bad Boy 21 Jan 2008

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  • When I joined UBS, I knew the bonuses would not be as great as other American banks I had worked at, but I was attracted to the "work life balance". However, over the last two years I've been made to work much harder for far less remuneration. At least at American banks they are more upfront.

    Anonymous 22 Jan 2008

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