13 December 2017
visit www.avoka.com

Sacked UBS bankers turn to drink and Twitter

31 October 2012  |  8693 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  |  11187 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  |  13647 views  |  1 comments | 1 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.aciworldwide.comvisit www.atos.netvisit www.response.ncr.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12167 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9359 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
7979 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7353 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7206 views comments | 20 tweets | 11 linkedin

Featured job

Find your next job