23 November 2014

Sacked UBS bankers turn to drink and Twitter

31 October 2012  |  7615 views  |  0 UBS Building entrance 3

Turned away from their offices yesterday morning with news that they had been laid off, London-based UBS bankers made their way to Twitter and the pub to bemoan their luck.

The Swiss giant confirmed yesterday that it is cutting 10,000 jobs worldwide as part of a radical overhaul of its investment banking operations.

According to the Financial Times, many London-based victims were unaware of their fate until they arrived at offices and found that their building passes no longer worked.

At the UBS city headquarters, employees were handed an envelope containing details of the redundancy process, beginning with two weeks paid leave.

Letters, obtained by the Telegraph, informed "Dear Colleague[s]" that they were being placed on "special leave" immediately, adding that "we appreciate that the communication today may have been unexpected and that this period may be a difficult time for you".

Bankers made their way to The Railway Tavern pub to drown their sorrows in lager and Guinness, says the Telegraph, with one telling the paper that "today is for drinking, tomorrow is for thinking about our careers".

Others took to Twitter, with gallows humour in evidence as an old joke - UBS stands for U've Been Sacked - resurfaced.

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