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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)

  • I used to think I'd work for UBS when hell froze over.  Now that Luqman Arnold's tilting at the cuckoo clocks on his white charger, I think I could be persuaded....for a very large sum.

    Jane 15 Apr 2008

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  • An offer from UBS? I'd check and confirm that this is still on offer. Then I'd contact other banks and ask them if they can offer you anything better. If nothing else was available, then take the job at UBS and leave for greener pastures asap.

    Hit-Man 27 Mar 2008

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  • i have a offer from ubs..in the comodities group...i wud welcome ur advise on if i should take the offer or not

    prospective UBS employee 24 Mar 2008

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  • "Diary of a Redundancy" is a very good article I once read on efinancial. It discussed submitting a Data Protection Act request to your old employer to find out the reason you were cut. UBS are notoriously bad at providing access to employee files. You do feel quite led down by the company. Once they decide to cut you, don't expect them to be nice in any way

    Redundant from UBS 12 Feb 2008

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  • I've been with the bank for nearly 3 years. I've often been told by the Swiss office that London staff earn significantly more than over there, because London has a higher cost of living. So the Swiss have much better benefits to offset this. Having been promoted I now know that the Swiss salaries are in line with London, if not actually a bit higher in terms of cash comp before benefits. There are many misconceptions about the "compensation strategy" at UBS, which causes a lot of tension in working relations between staff based in different regions. UBS needs to send a clear message that there aren't big regional differences in salary. It would definitely help create a more friendly working environment for London staff

    Annoyed at UBS 04 Feb 2008

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  • Many good analysts have left the research floor over the last 2 years for greener pastures. The IT systems are dynsfunctional, senior management push paper all day long and there is no such thing as nurturing the future leaders of the business anymore. Vacant junior positions are outsourced to Hyderabad. How the mighty have fallen...

    Will be leaving UBS post bonus payout 01 Feb 2008

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  • UBS is not a company which can afford to pay the salary levels of its American peers, so strategically seeks to develop employee loyalty through Branding itself as a Great Place to Work. But businesses in any sector have to be ruthless with costs when the company is making HUGE losses. You often hear of companies firing staff for claimed misconduct or tenuous performance grounds to avoid redundancy payments. For an uninformed employee this approach can be devastating at a personal level, but it's just business. There is no loyalty in banking or any other sector. But the concern with UBS is that employees have been encouraged to believe they are valued and it can be a shock when UBS acts contrary to its reputation. Is UBS a wolf in sheep's clothing or are we as employees too naive about the compensation strategy? Either way, UBS need to consider the long term impact on the brand and employee loyalty....

    Undisclosed, still at UBS (for the moment) :-) 01 Feb 2008

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  • So how do companies get a reputation for being a great place to work? :-)

    Confused 31 Jan 2008

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  • UBS does have a good reputation for encouraging people from Diverse backgrounds and being a great place to work. But it does depend on your team and your manager. I've worked at UBS for almost 2yrs and being in my early thirties I do find my career opportunities are slowing down. I think for women a lot depends on having a supportive manager who is willing to continue investing in you, through out the employee life cycle. It's tough but you do need to find ways to prove to your manager you will continue to bring value to the company, even if you do decide to go and have a family. What's tougher still is the unspoken assumption that you will want a family and hence a career break...

    Anonymous, UBS 31 Jan 2008

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  • Out of curiosity, do you think it is really harder for "white, male" bankers? You still hear that women are paid less and from a networking perspective not being part of the same culture can make career advancement more difficult. The City is definitely opening up to Diversity, but more could be done to create a more inclusive culture for everyone - including "white, male" bankers

    Undisclosed 30 Jan 2008

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