UBS Layoffs for May are over (or so we hear)…..
Senior Management sources believe the layoffs are between 5-15% depending on the group within IBD, Sales, and Trading took decent loses. But from what has come out recently Infrastructure took the biggest hit Firmwide. It appears the Swiss have no respect for their US counterparts. “If there are going to be more cuts due to the Rogue Trader this summer, they are more than likely coming from US locations” one senior manager told me. The general consensus is that UBS seems to be more reactive as a firm and many are just tired of constantly waiting for the other foot to fall.
However not all is lost for UBS Employees and consultants. If it is bad for UBS, then it is going to be really bad for Bank of America and Credit Suisse. I have been seeing record numbers of resumes from both of these shops. Today I finally heard what I expected. Layoffs are looming for both shops end of Q2. The issue, I am hearing, is that this layoff might not be the only one this summer for both firms. And like their counterparts in UBS. CS’ers have had enough waiting for bad news and poor bonuses/reductions in consulting billing rates……
This proves what I have been preaching for more than 10 months. This year is about small shops. Hedge Funds, and Small Financial firms. They are the ships that are most adapt to weather the storm and give you work experience that will thrust you ahead of the pack come Q3 2013……
Thank you for your Time and Efforts,
Senior Vice President, Financial Risk & Compliance & Technology Division