UBS cut some underperformers already this month. More cuts are coming next week
As expected, UBS is pruning headcount. Insiders say that a round of cuts happened in London a few weeks ago, but that more are coming next week.
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Separately, the most recent round of departures is understood to have included Tim Ramskill, Credit Suisse's former head of EMEA Securities research. Ramskill spent 14 years at Credit Suisse before becoming global head of product management at UBS in 2023. He's gone two years later.
Insiders at the bank say there was an array of other recent cuts in the investment banking business but that they mostly included poor performing juniors and "directors who would never make MD."
It's not clear who will be hit by next week's headcount removals, but ex-Credit Suisse people have voiced apprehension after they claim to have been unfairly marked down in recent appraisals.
UBS ingested around 200 managing directors from Credit Suisse's investment bank in 2023. However, its new bankers haven't driven revenues substantially higher and underperformed rivals like Deutsche Bank in the first quarter. One senior insider said the investment banking team is still overstaffed with managing directors "who need to move on" and are not generating fees.
The Swiss bank said last month that it intends to cut a further $8bn of costs before the end of 2026. There will be plenty of people jolted out of the bank yet.
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