I know every takeover comes with cuts and I know the majority of it always comes from the company that was acquired, so I admit I didn't expect to hear we'd be losing 30 percent of employees. That seems excessive and frightening. Not to mention, there are always several rounds of layoffs. I don't even want to think about how bad it'll get if this is only the initial round.
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Most CS legacy folks are going to be cut. Don't have high hopes. UBS values, its leaders, and Sergio Ermotti himself are brutal as can be. They think they are Goldman but their systems, resources, people, and values are way beyond a 3rd class firm on the street. Despite the UBS folks having low competency levels, they are the one's going to be preferred for any role that has a redundancy. I cannot believe what they're doing to the CS folks- it's just outright hostility. Leave while you can, else you will be cut soon. You mayl get a small severance but there are so many jobs out there. Go get one and save yourself from this firm and the uncertainty it brings with it! Just not worth it!
To be honest, there are much better jobs out there. If you are not a director the pay can be far less what non-finance offers and the x-many levels of managers with zero skills other than having been there ages is also unique in UBS. Glad I left in 2022.
I hear 38% is the real world cuts coming.
Auf Wiedersehen