For Recruiters
Trimming around the edges.

UBS has been quietly cutting some jobs

UBS reported its second quarter results this morning. Profits were weaker than expected and revenues across equity and debt capital markets were as woeful as elsewhere. Less usually, headcount was also down.

As we noted last week, job cuts in the second quarter are usually disguised by an influx of interns (while the third quarter is usually boosted by graduates). It's not clear how many interns UBS has hired this year, but in 2021 the bank brought on 1,700 interns, apprentices and graduates in total.

Despite the influx of students, UBS says its overall headcount fell by 403 people in the second quarter, to 71,294 in total. When the interns are taken out of the equation, the drop is likely to be more than 1,000.

It's not clear which area of the bank the jobs disappeared from - UBS stopped breaking out headcount by division a few years ago, but the investment bank could probably benefit from some trimming. While the cost income ratio across UBS as a whole fell to 70.6% in the second quarter, in the investment bank it rose to 81.8%, despite "lower variable compensation" (bonuses). In late March, UBS was said to be cutting jobs in ECM, but there have been further reports of job reductions there. 

The chart below helps explain why. M&A revenues at UBS were down 30% on last year, more than any other bank to have reported so far, and there wasn't much respite from other investment banking revenue lines. 

Will bigger cuts come next? UBS isn't saying, but unlike at Credit Suisse technology jobs at least should remain safe: the bank says it kept hiking spending on investment bank technology in the second quarter.  

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORSarah Butcher Global Editor
Cancel
  • Da
    Dan
    27 July 2022

    UBS is always cutting jobs and reorganizing their divisions

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Pearse Partners
Hedge Fund Equity L/S Analyst
Pearse Partners
London, United Kingdom
Selby Jennings QRF
Quant Trader/Developer - Crypto Quant Trading Startup
Selby Jennings QRF
Manhattan, United States
Liberum
Institutional Equity Sales
Liberum
London, United Kingdom
Mason Blake
Equity Research Analyst
Mason Blake
London, United Kingdom
Mason Blake
Global Macro Research Analyst
Mason Blake
London, United Kingdom
Talent Solution TAPFIN
FRTB Project manager - GRA
Talent Solution TAPFIN
London, United Kingdom