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UBS is cutting researchers, including its own people

Did you work for the bank formerly known as Credit Suisse? Are you currently on secondment to (or even fully employed by) UBS? Your new job may be less secure than you think.

Yesterday, UBS cut a swathe of research people. They included some of its own historic staff and some who'd moved from Credit Suisse. 

The UBS people who were let go seem to have been in research product. Jose Saiz, who was promoted to global head of product management as recently as July has now been found surplus to requirement after 15 years at UBS. Lourina Pretorius, the head of EMEA research product who joined from Barclays in 2015 is reportedly leaving too.

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At the same time, insiders say that UBS is letting go of various Credit Suisse researchers who thought they had jobs there. Some are also complaining that they were promised retention bonuses by Credit Suisse, but that those retention bonuses don't appear to be forthcoming as part of their severance packages. 

UBS, however, confirmed that it will honour its commitments. 

One equity research headhunter said there aren't many jobs about right now. "It's an awful market," he mused. "Will it get any better? It can't get any worse."

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Photo by Casey Allen on Unsplash

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AUTHORSarah Butcher Global Editor

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