a**i
发帖数: 608 | 1 http://www.cnbc.com/id/49572651
UBS to Cut Up to 10,000 Jobs
Published: Friday, 26 Oct 2012 | 4:17 PM ET By: Daniel Schäfer
UBS is set to unveil a radical downsizing of its struggling investment bank
next week in a move that will prompt the loss of up to 10,000 jobs across
the Swiss banking group.
Switzerland’s largest bank by assets will significantly shrink the trading
side and complexity of its investment bank and as a consequence also cut
thousands of jobs in its back office over the next few years, three people
close to the situation said.
The job cuts will amount to almost a sixth of the bank’s workforce of 63,
500 at the end of June. They will not happen all at once and the precise
number is still unclear as the exact impact on back-office functions has not
yet been determined.
It comes on top of another – still ongoing – program announced last year
to cut 3,500 jobs.
The move highlights how banks around the world are trying to adapt to a
radically changed regulatory and market environment that has left them with
lower returns and much higher capital needs for certain business areas and
national subsidiaries.
The new strategy, hammered out in several executive board meetings in New
York this week and set to be announced next Tuesday, will lead to the
closure of a sizeable part of UBS’s [UBS 13.19 -0.05 (-0.38%) ]
fixed-income trading operations and other capital-intensive areas of the
investment bank.
It will also lead to changes among the senior management of the bank and
will trigger a large reduction of complexity and costs in the bank’s
support functions such as its information technology department.
“There were several options on the table but UBS has decided on the most
radical one,” one person familiar with the plan said.
The plan was devised by Sergio Ermotti, who came in a chief executive last
year in the wake of an alleged rogue trading scandal that left UBS with a $2
.3 billion loss in the investment bank.
The restructuring is a drastic next step in a strategy unveiled almost a
year ago by Ermotti to give UBS’s often troubled investment bank a support
role for the bank’s market-leading wealth management.
The unit had brought the Swiss lender to its knees during the financial
crisis, forcing UBS to retrench faster and earlier from the area than most
of its rivals.
The investment bank has already been drastically trimmed in the past 12
months by Carsten Kengeter, who as chief executive of the unit cut its risk
weighted assets by half and pushed through a retreat from a number of fixed
income trading areas.
This summer, Ermotti brought in dealmaker Andrea Orcel to become co-head of
the investment bank alongside Kengeter.
The cuts will be predominantly in Kengeter’s realm of the investment bank.
Kengeter is expected to stay at the bank although his future role at the
group remained unclear.
UBS’s investment bank is trailing far behind the 26 per cent return on
allocated equity that the bank is achieving in core areas such as wealth and
asset management. |
d*****r
发帖数: 2583 | 2 crazy.. will close its fixed-income trading operation???
bank
trading
【在 a**i 的大作中提到】
: http://www.cnbc.com/id/49572651
: UBS to Cut Up to 10,000 Jobs
: Published: Friday, 26 Oct 2012 | 4:17 PM ET By: Daniel Schäfer
: UBS is set to unveil a radical downsizing of its struggling investment bank
: next week in a move that will prompt the loss of up to 10,000 jobs across
: the Swiss banking group.
: Switzerland’s largest bank by assets will significantly shrink the trading
: side and complexity of its investment bank and as a consequence also cut
: thousands of jobs in its back office over the next few years, three people
: close to the situation said.
|
g*******p
发帖数: 176 | |
c*******n
发帖数: 679 | 4 10K? that's a lot of jobs!
bank
trading
【在 a**i 的大作中提到】
: http://www.cnbc.com/id/49572651
: UBS to Cut Up to 10,000 Jobs
: Published: Friday, 26 Oct 2012 | 4:17 PM ET By: Daniel Schäfer
: UBS is set to unveil a radical downsizing of its struggling investment bank
: next week in a move that will prompt the loss of up to 10,000 jobs across
: the Swiss banking group.
: Switzerland’s largest bank by assets will significantly shrink the trading
: side and complexity of its investment bank and as a consequence also cut
: thousands of jobs in its back office over the next few years, three people
: close to the situation said.
|
w****j
发帖数: 6262 | 5 光看到版上的大牛风风光光了
小菜鸟们一把辛酸泪呀。
bank
trading
【在 a**i 的大作中提到】
: http://www.cnbc.com/id/49572651
: UBS to Cut Up to 10,000 Jobs
: Published: Friday, 26 Oct 2012 | 4:17 PM ET By: Daniel Schäfer
: UBS is set to unveil a radical downsizing of its struggling investment bank
: next week in a move that will prompt the loss of up to 10,000 jobs across
: the Swiss banking group.
: Switzerland’s largest bank by assets will significantly shrink the trading
: side and complexity of its investment bank and as a consequence also cut
: thousands of jobs in its back office over the next few years, three people
: close to the situation said.
|
d*j
发帖数: 13780 | 6 恩
每次这种消息一出来， 市场马上变差 2个月缓不过来。。。
【在 w****j 的大作中提到】
: 光看到版上的大牛风风光光了
: 小菜鸟们一把辛酸泪呀。
:
: bank
: trading
|
s*****g
发帖数: 323 | 7 这怎么看出来的？
【在 d*j 的大作中提到】
: 恩
: 每次这种消息一出来， 市场马上变差 2个月缓不过来。。。
|
J*****n
发帖数: 4859 | 8
为了支持贵公司的业务，我准备今天去申请一张贵公司的信用卡。
【在 s*****g 的大作中提到】
: 这怎么看出来的？
|
|
s*********e
发帖数: 4475 | 9 那缓不过也几年了。这种消息每隔两三个月就要来一个。
【在 d*j 的大作中提到】
: 恩
: 每次这种消息一出来， 市场马上变差 2个月缓不过来。。。
|
a**i
发帖数: 608 | 10 Shocked UBS Staff Take to Twitter
Financial Times
Published: Wednesday, 31 Oct 2012 | 12:12 AM ET By: Lina Saigol, Daniel
The old joke that UBS stands for “U’ve Been Sacked” was doing the rounds
on trading floors on Tuesday as the Swiss bank confirmed plans to cut 10,000
jobs as part of a radical restructuring to slim down its investment banking
division.
UBS [UBS 14.98 1.79 (+13.57%)] was one of the most popular trends on
Twitter as the blogosphere flooded with comments in several languages,
describing the shock and resentment of staff.
Many claimed they only found out they had been fired because their passes
had been deactivated. “Whole desks are gone and there are people stood
outside without access to the building,” one tweeter wrote, describing the
scene at the bank’s London office.
Another said bankers’ passes at the London office did not work on arrival:
“They are sent into a special room and told they are on special leave.”
One London-based fixed income banker recounted how she was first alerted to
losing her job when her email kept bouncing back on Tuesday morning. “It
would be inappropriate to say anything about the rather devastating manner
of how this has taken place,” the banker said.
UBS has started a consultation process for 100 traders in fixed income,
which included one-on-one meetings with a human resources representative.
There will be a two-week period during which employees can apply to work in
another part of the bank, such as asset management, although it is unlikely
many would be redeployed.
One headhunter said the cull, which has affected all parts of UBS from
investment banking to sales and trading and commercial paper, was “
extraordinary and very brutal”.
Cary Cooper, a professor at Organisational Psychology and Health at
Lancaster University, said a company should not start job cuts on the day of
a restructuring announcement. “This is bad for the ones who leave because
they will badmouth the organisation and it is bad for the survivors because
they will think they will be next.”
However, Axel Weber, UBS chairman, countered that “dealing with our
employees in a respectful and adequate fashion means that we cannot leave
them in uncertainty about what is coming over the next three years”.
Several bankers commented on how the cull was worse than 2008 at the peak of
the financial crisis, when the bank was forced to cut thousands after
suffering billions of euros of losses from the credit crisis. “UBS jobs
losses not a nip and tuck – it’s butchery,” one tweet said.
Others poked fun at Sergio Ermotti, chief executive of UBS, who had earlier
reassured investors that, “our people will be supported and treated with
care.”
Traders at a rival bank in the City of London said the widespread feeling
was that the restructuring was more about self-empowerment and self-
aggrandising by the management than about a long-term strategy.
One trader questioned if UBS would have the balance sheet in its future
slimmed-down investment bank to compete in business areas such as the
underwriting of large rights issues. “This will be like a quote from the
film Top Gun – ‘your ego is writing cheques that your body can’t cash’.
”
The job cuts, which will be implemented over the next three years, will
reduce UBS’s 64,000 payroll by 16 per cent and are aimed at saving $3.6bn.
In Switzerland, the news reopened a longstanding cultural rift between
wealth management and investment banking. Inside Paradeplatz, the most
popular news outlet for Zurich-based bankers, had a banner on its homepage
stating: “Go to the barricades, Swiss bankers! The losers of the UBS big
bang are the Anglo Saxons; they are going on a hunt for the jobs in wealth
management.”
But while some of UBS’s London staff were blocked from entering the bank’s
offices, its US employees in the New York, Stamford and Weehawken offices
were barred from coming to work for entirely other reasons: hurricane Sandy,
which swept across the northeast coast.
Those UBS offices that were open on Tuesday were operating with critical
staff only, and everyone else was encouraged to stay indoors and off the
roads, the company said. |
|
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d*j
发帖数: 13780 | 11 以前每个礼拜总是有1--2个猎头来骚扰下
结果上次 Knight 事件 加上 DB 裁员的消息， 大约2个月没有一个猎头来找我。。。。
呵呵
这次UBS + CS 人更多了
【在 s*****g 的大作中提到】
: 这怎么看出来的？
|
k****y
发帖数: 4083 | |
G*********o
发帖数: 2045 | 13 UBS够狠啊，是不是要干掉整个fixed income部门，wtf
CS好像去年就开始裁人了吧，擦
。。
【在 d*j 的大作中提到】
: 以前每个礼拜总是有1--2个猎头来骚扰下
: 结果上次 Knight 事件 加上 DB 裁员的消息， 大约2个月没有一个猎头来找我。。。。
: 呵呵
: 这次UBS + CS 人更多了
|
J*****n
发帖数: 4859 | 14
赫赫，那是因为瑞士率先用了Ｂ３，所以ＩＢ需要现金。
等美国这里也用了Ｂ３，ＩＢ也会跟着倒霉起来的。
【在 k****y 的大作中提到】
: 主要是欧洲职位吧？瞎嚷个啥？
|
n****e
发帖数: 629 | 15 不错啊，有人用这做个forecast试试么……
【在 d*j 的大作中提到】
: 恩
: 每次这种消息一出来， 市场马上变差 2个月缓不过来。。。
|
s*********e
发帖数: 4475 | 16 哪里不是说瑞士和美国各两千五。
【在 k****y 的大作中提到】
: 主要是欧洲职位吧？瞎嚷个啥？
|
k****y
发帖数: 4083 | 17 追神老弟，所以你比牛逼兄还是差那么一点。
CS用Ｂ３作为借口是内部权力斗争，砍pivate equity的需要。。。。。。
【在 J*****n 的大作中提到】
:
: 赫赫，那是因为瑞士率先用了Ｂ３，所以ＩＢ需要现金。
: 等美国这里也用了Ｂ３，ＩＢ也会跟着倒霉起来的。
|
s******e
发帖数: 1751 | 18 nothing to do w/ PE, which does not use their own balance sheet (too much).
It's the RWA on fixed-income position and counterparty risk, which is super-
punitive, that kills FICC in banks.
There will be blood, all over the street.
【在 k****y 的大作中提到】
: 追神老弟，所以你比牛逼兄还是差那么一点。
: CS用Ｂ３作为借口是内部权力斗争，砍pivate equity的需要。。。。。。
|
J*****n
发帖数: 4859 | 19
.
super-
恩，其实还好。
我老东家ＲＷＡ那个ｐｒｏｊｅｃｔ的优化是我做的。做来做去（已经省了５０％了）
，还是太高。所以他们搞了一个大的ｓｗａｐ ｂｅｔｗｅｅｎ ＩＢ和ＣＢ的ｂｏｏ
ｋ，这样就把ＩＢ的Ｅｑｕｉｔｙ ｂｏｏｋ给清空了。ＣＢ那块政府管的松了很多，
所以ＲＷＡ就省了不少。
不过不知道Ｂ３对这块是咋控制的。
【在 s******e 的大作中提到】
: nothing to do w/ PE, which does not use their own balance sheet (too much).
: It's the RWA on fixed-income position and counterparty risk, which is super-
: punitive, that kills FICC in banks.
: There will be blood, all over the street.
|
d*j
发帖数: 13780 | 20 就是说 risk 那块会受到很大影响？
.
super-
【在 s******e 的大作中提到】
: nothing to do w/ PE, which does not use their own balance sheet (too much).
: It's the RWA on fixed-income position and counterparty risk, which is super-
: punitive, that kills FICC in banks.
: There will be blood, all over the street.
|
|
|
k****y
发帖数: 4083 | 21 the fact is, cs already used b3 as excuse to cut pe to raise capital. what
you said is not relevant at all
.
super-
【在 s******e 的大作中提到】
: nothing to do w/ PE, which does not use their own balance sheet (too much).
: It's the RWA on fixed-income position and counterparty risk, which is super-
: punitive, that kills FICC in banks.
: There will be blood, all over the street.
|
w**********y
发帖数: 1691 | 22 大牛给展开说说, CS砍PE怎么去raise capital? 好处是?
what
【在 k****y 的大作中提到】
: the fact is, cs already used b3 as excuse to cut pe to raise capital. what
: you said is not relevant at all
:
: .
: super-
|
k****y
发帖数: 4083 | 23 这些reg条例改动其实就是些条条框框，不是啥了不起的东西。比如现在B3其实就是复
杂化的回归B1外加一大堆政客都读不懂的条文，还有些意义全无的什么guarantee重新
定义之类。
没人因为这个而去砍business的。当然，给一些地方很好的内斗佐料。
【在 w**********y 的大作中提到】
: 大牛给展开说说, CS砍PE怎么去raise capital? 好处是?
:
: what
|
w****j
发帖数: 6262 | 24 UBS美国已经基本没有Quant了。
Quant真是个夕阳产业，这样的经济环境下，严重的供需失调。
【在 k****y 的大作中提到】
: 主要是欧洲职位吧？瞎嚷个啥？
|
s*****g
发帖数: 323 | 25 不懂别瞎说
【在 w****j 的大作中提到】
: UBS美国已经基本没有Quant了。
: Quant真是个夕阳产业，这样的经济环境下，严重的供需失调。
|
