UBS Redundancies

[JRM]

Sorry if anyone is affected on here, horrible thing to go through.

I know a couple of guys who have gone there, so hopefully they are looking after you a bit if you did have to clear your desk yesterday

[Vesuvius 996]

No doubt there will be a few people celebrating their misfortune on here. After all, they're fat cats

The office here has a group of secretaries outside with boxes in tears.

Celebrate that, you nobbers.

Edited by Vesuvius 996 on Friday 3rd October 09:50

[JRM]

Exactly, no one seems to realise the vast number of people affected by decisions by a few. All the support team guys and girls are the ones that really suffer - not spectacular pay, small bonuses, and just as likely to lose their jobs

[fido]

JRM said:

I know a couple of guys who have gone there, so hopefully they are looking after you a bit if you did have to clear your desk yesterday

Which areas btw? - i thought they were quite trimmed down already - unless they have just shut down whole areas like commodities .. shame i used to enjoy working in swiss bank.

[JRM]

fido said:

JRM said:

I know a couple of guys who have gone there, so hopefully they are looking after you a bit if you did have to clear your desk yesterday

Which areas btw? - i thought they were quite trimmed down already - unless they have just shut down whole areas like commodities .. shame i used to enjoy working in swiss bank.

Wealth Management had a big cut back in May/June, they chopped half of the teams they had in that area.

Looks like they may have been hit again along with more of the Corporate side as well this time

[Monki]

I take it the financial sector is going to suffer the same as manufacturing in the past ten years? Be very tough, I remember when my dads firm closed that 150 people lost their jobs I think during the same year over 1000 engineers became unemployed.

[johnfm]

I expect the lefties will want a windfall tax on redundancy payments soon!

[Vesuvius 996]

Monki said:

I take it the financial sector is going to suffer the same as manufacturing in the past ten years? Be very tough, I remember when my dads firm closed that 150 people lost their jobs I think during the same year over 1000 engineers became unemployed.

Yes but bigger numbers. They reckon 20,000 gone alerady from the City/Wharf.

[JRM]

Is it really that many? I'm having a coffee next week with on of the agents who had people placed on the IM side of Lehman's - I'm interested to see if they are completely sunk over there now that the IB has gone. I know the IT Director, so hope he's surviving.

[scotal]

johnfm said:

I expect the lefties will want a windfall tax on redundancy payments soon!

Don't go giving them ideas.

[BigBen]

Vesuvius 996 said:

The office here has a group of secretaries outside with boxes in tears.

Edited by Vesuvius 996 on Friday 3rd October 09:50

Must be sad if even the boxes are crying

[smilerbaker]

BigBen said:

Vesuvius 996 said:

The office here has a group of secretaries outside with boxes in tears.

Edited by Vesuvius 996 on Friday 3rd October 09:50

Must be sad if even the boxes are crying

your so funny.

I work for ubs, not heard of any new redundancies today. Then again staff are always the last to know

[SirTainly]

Vesuvius 996 said:

No doubt there will be a few people celebrating their misfortune on here. After all, they're fat cats

The office here has a group of secretaries outside with boxes in tears.

Celebrate that, you nobbers.

Edited by Vesuvius 996 on Friday 3rd October 09:50

I don't remember seeing UBS staff particularly upset when we all got laid off multiple times in a year during the dotcom bust, however it's always sad when those at the lowest level of the firm get a shafting because those at the top fk up.

Edited by SirTainly on Friday 3rd October 10:09

[Vesuvius 996]

smilerbaker said:

BigBen said:

Vesuvius 996 said:

The office here has a group of secretaries outside with boxes in tears.

Edited by Vesuvius 996 on Friday 3rd October 09:50

Must be sad if even the boxes are crying

your so funny.

I work for ubs, not heard of any new redundancies today. Then again staff are always the last to know

So it would seem.


http://www.telegraph.co.uk/finance/financetopics/f...

[rude-boy]

Don't be silly, Sovey was just a bit quick with his typing. He meant to say he was sending the secretaries out of his office in boxes, in tears, having ruined them.

[Vesuvius 996]

JRM said:

Is it really that many? I'm having a coffee next week with on of the agents who had people placed on the IM side of Lehman's - I'm interested to see if they are completely sunk over there now that the IB has gone. I know the IT Director, so hope he's surviving.

Telegraph said:

The credit crunch has so far cost more than 80,000 banking jobs. Since August 2007, they include 4,200 at Merrill Lynch, 11,000 at Citigroup and last week's 1,100 purge at HSBC.

[JRM]

That can't just be UK though surely? Have ML actually let that many people go already? Not sure I know anyone there, although I thought my neighbour was and I've not seen him for a month - so that might explain a thing or two.

[SirTainly]

Vesuvius 996 said:

JRM said:

Is it really that many? I'm having a coffee next week with on of the agents who had people placed on the IM side of Lehman's - I'm interested to see if they are completely sunk over there now that the IB has gone. I know the IT Director, so hope he's surviving.

Telegraph said:

The credit crunch has so far cost more than 80,000 banking jobs. Since August 2007, they include 4,200 at Merrill Lynch, 11,000 at Citigroup and last week's 1,100 purge at HSBC.

4200+11000+1100 != 80000, it's not even close

[Plotloss]

Vesuvius 996 said:

No doubt there will be a few people celebrating their misfortune on here. After all, they're fat cats

The office here has a group of secretaries outside with boxes in tears.

Celebrate that, you nobbers.

Well, what are you waiting for man?

You've fked the economy, nailing a bird in tears should be no problem.

[JRM]

smilerbaker said:

I work for ubs, not heard of any new redundancies today. Then again staff are always the last to know

I'd say that was VERY good news if you haven't heard about it yet!! I think they all went yesterday judging by some 'redirection' emails I got. Certainly hope you are ok