Layoffs currently happening on the 11 Madison NYC floor (S&T)
Rumor is this is the first, but largest round before the full UBS integration
Any word on IB, ER, and other CS divisions?
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Comments (86)
Following. Were any bonuses paid out?
No, zero severance & full team layoffs. It's a bloodbath.
It's not legal in the US to give no severance if you're laying off that many people. Look up the WARN Act
Following
Bump
On 6th floor, currently ppl are being called into GH's office one by one (COO left already so GH and HR are holding the conversation).
Are coo's getting laid off?
No she left to another bank two weeks ago
What about M&A, no one's in the office so how are they gonna lay anyone off
Haven't been to 7th fl today so I don't know. Some of us aren't in today as well so I'm guessing they would just get called?
Absolute bloodbath on the 6th floor
Fr??
What group on the 6th?
Seeing ppl leaving the bldg with boxes. What a scene
FTP (140k base btw)
I think this comment is the most blatant example of the FT HR wso irony laundering scheme. They just plaster these shitty fucking comments over threads with zero contextual awareness and tell their FT goon squad to SB them in the hopes that either some prospects can't tell the irony or people who can still have more general awareness of FT.
Least obvious non-ftp (140k base btw) employee
It can be funny if it makes sense in context but here it definitely isn't.
This is pretty much how FT did their layoffs this winter though lol. That 140k gets expensive …
What's going on
CS juniors getting absolutely HAZED rn
Details?
Holy fuck this is terrible. We're all gonna die, everyone cover your balls!
can someone just explain wth is going on
Layoffs over 9,000, zero severance. Cover your balls.
What's happening
Layoffs so far below - will update
ECM: whole group axed except key people
M&A - 1 DIR 2 VP 2 ASO 1 ANL
Retail - 1 DIR 1 ASO
GIG - 1 DIR 2 ASO
NY Tech - 1 DIR 2 ASO
SF Tech - 5 MD / DIR / VP (unconfirmed)
Whole Houston office / NY Energy team gone
RE: Apparently shredded per below comments (unconfirmed)
Severance terms:
3 months pay through Nov 1 + deferred bonus paid out as scheduled + PTO days + 4 weeks per year of service of additional pay as a lump sum in addition to the 3 months pay
No analysts outside of energy??
That number matches to what I heard internally. Also heard the entire ANL wiped from ECM
2 VPs in M&A
Extremely generous terms
-
Any updates on FSG?
Gone, all of them. Zero severance.
1 Dir in M&A too
/
Wouldnt put weight on the comment about RE - two people from M&A moved IN to the group as part of this massacre today
Real estate has been gutted for weeks, they had only 4 people left at the end of the internship so assuming everyone's gone.
1 MD in GIG
What about RE group?
Deeply, deeply cut
Heard entire group is gone. MD is looking to jump ship to Goldman/JPM/BofA. They don't need them at UBS.
Holy fuck, I can't breathe. Only junior person in my group not cut. Joining 1 MD and 1 D of my group at UBS.
Some groups / tenures not getting severance.
Any Credit Suisse employee who didn't get laid off today and thinks they actually made it out unscathed and wont get laid off next week or the week after...
How about healthcare?
They're all gone
Anyone know about SF?
100% layoffs
entire HC team is gone Tech TBD
No one in HC and FIG got laid off today. GH of HC is now co head of banking so he might protect his people. FIG, I don't know too much about but when I go to their side, it is always empty. They had an exodus a few months ago where several MDs just walked out.
FIG everyone works from home but 3 associates at minimum are gone.
From the bank side or the insurance side?
From the bank side or the insurance side?
Which side of FIG? The Fintech side or the insurance side?
entire HC at SF is gone
Nah, FIG is 100% gone
What happened to FSG
.
Anyone know about S&T
RIP selby jennings inbox
Dang post mba vp1 with 4 years stand to walk away with like 200k under these severance terms (7 months pay plus some deferred comp they get paid per that years schedule).
If you can secure a job soon you stand to make a lot in 12 months timeframe. Getting laid off is paradise?
VP and up market for laterals is absolutely brutal right now. Not worth it - the smart CS people all have left on their own if they could
This is inaccurate. I'm still here.
Decent cash, but I'd say 80%+ of these guys will be taking a big paycut... The IB recruiting market is still closed and you don't have the same flexibility as a junior to take any role. I bet a lot of them will end up in FP&A type roles
Any idea of layoffs in S&T?
Can confirm. We all got nixed. The entire floor is planning revenge, or at least I am with some of my juniors. When it rains, it pours. And for CumScum and UBS, it's going to flood.
Does anyone have news about SUB?
What about the industrial team?
interested. have worked with dan moll and hellman
Dan Moll resigned for Wells Fargo (IIRC), Hellman is still around I believe.
Few networking and "intro chat" meetings being put on books by UBS email addresses, I assume HR. Draft season?
integration moving very fast, been hearing ubs bankers will be moving to cs offices soon. Anyone from ubs can confirm timeline?
Confirmed from both sides (UBS & CS) that the UBS Global Banking folks are moving in end of September.
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