25 March 2017
Visit EBAday.com

Sacked UBS bankers turn to drink and Twitter

31 October 2012  |  8475 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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UBS plans to cut 2000 IT jobs - report

UBS plans to cut 2000 IT jobs - report

15 October 2012  |  10945 views  |  0 comments
I'm a person, not a bank: tweeters mistakenly bombard @natwest

I'm a person, not a bank: tweeters mistakenly bombard @natwest

25 June 2012  |  13244 views  |  1 comments | 1 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57178 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8863 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8625 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7109 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7060 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job