UBS Redundancies
Discussion
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. 
Bing o said:
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. smilerbaker said:
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. For every trader 'let go' there are a couple of hundred back office staff let go. Do you think the back office staff get huge payoffs, huge bonus's, headhunted the next day etc?
"Japanese broker bought Lehman Brothers' equities and investment banking business, safeguarding roughly 2,500 of the 4,500 European staff at the US bank."
"Roughly 1,000 staff in the corporate and support services part of Lehman Brothers' European business which supports areas including tax advisory, risk, information technology and human resources are understood to be unaffected by the redundancies so far"
But don't let the facts get in the way of a self-righteous rant
Edited by Fittster on Friday 3rd October 11:17
Fittster said:
smilerbaker said:
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. For every trader 'let go' there are a couple of hundred back office staff let go. Do you think the back office staff get huge payoffs, huge bonus's, headhunted the next day etc?
"Japanese broker bought Lehman Brothers' equities and investment banking business, safeguarding roughly 2,500 of the 4,500 European staff at the US bank."
"Roughly 1,000 staff in the corporate and support services part of Lehman Brothers' European business which supports areas including tax advisory, risk, information technology and human resources are understood to be unaffected by the redundancies so far"
But don't let the facts get in the way of a self-righteous rant
Edited by Fittster on Friday 3rd October 11:17
I think you'll find the 2000 being let go from UBS aren't being sold off or merged, they are being dumped in the job market with everyone else.
You're original comment was just wrong and misinformed, admit it.
Oct. 1 (Bloomberg) -- The 750 Lehman Brothers Holdings Inc. U.K. staff that lost jobs today are guaranteed 800 pounds ($1,426) under law and must line up with other creditors if they hope to get any of their discretionary bonus, lawyers said.
``They've been told they will get their pay for the last month and they take their place with all other unsecured creditors,'' said Ronnie Fox, London-based partner with Fox Lawyers, whose firm has received several calls from former Lehman professionals.
PricewaterhouseCoopers LLP, Lehman's U.K. bankruptcy administrator, said yesterday that the jobs will be eliminated in Lehman's European fixed income and personal investment management units. The bank employed about 4,500 in London's Canary Wharf.
Former Lehman bankers, who generally earned at least 60,000 pounds a year plus a discretionary, performance-based bonus, are eligible for so-called statutory redundancy pay up to a maximum of 9,900 pounds after 20 years of service although that isn't guaranteed. It could be years before it's known whether money is left over for redundancy pay or bonuses, lawyers said.
``Normally that could be worked out over a period of months but when you look at the complexities of Lehman it could be longer,'' Ian Hunter, an employment law partner with London- based Bird & Bird LLP, said. ``This is uncharted waters and I've been through downturns in the 1980s and the dot-com bubble.''
Bankruptcy Collapse
Lehman, Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns Cos. paid about $50 billion in salaries, benefits and bonuses in 2007. The bonus portion, estimated at 60 percent of the total, rose to $29.8 billion from $26.1 billion. New York- based Lehman filed the biggest bankruptcy case in history on Sept. 15.
``Ninety percent of them are running around frantically interviewing but some of the banks are talking to them for download purposes only -- they want to know how they made their money and who their clients are, but there's no job,'' said Jason Kennedy, CEO of London-based recruiter Kennedy Associates.
U.K. bankers hired as part of the takeover of a Lehman unit should receive compensation under the same terms initially offered by Lehman under U.K. law, Jill Andrew, an employment consultant at London-based Dawson Solicitors said.
Nomura, Barclays
Japan's Nomura Holdings Inc. agreed to buy Lehman's European investment banking and equities units last week. London-based Barclays Plc bought bankrupt Lehman's investment banking and capital markets units for about $1.75 billion.
Neither Barclays nor Nomura returned calls and e-mails seeking comment. PwC spokeswoman Rebecca Mill said information about bonuses wasn't immediately available.
The 750 ex-Lehman staff will attend meetings over the next few days to discuss how the bankruptcy affects them personally, PwC said in a statement yesterday. Lawyers say there are few options for them.
source
So the number of redundancies is actually 750 from a workforce of 4,500. Obviously unfortunate for those concern but not as bad a picture as some people are painting.
``They've been told they will get their pay for the last month and they take their place with all other unsecured creditors,'' said Ronnie Fox, London-based partner with Fox Lawyers, whose firm has received several calls from former Lehman professionals.
PricewaterhouseCoopers LLP, Lehman's U.K. bankruptcy administrator, said yesterday that the jobs will be eliminated in Lehman's European fixed income and personal investment management units. The bank employed about 4,500 in London's Canary Wharf.
Former Lehman bankers, who generally earned at least 60,000 pounds a year plus a discretionary, performance-based bonus, are eligible for so-called statutory redundancy pay up to a maximum of 9,900 pounds after 20 years of service although that isn't guaranteed. It could be years before it's known whether money is left over for redundancy pay or bonuses, lawyers said.
``Normally that could be worked out over a period of months but when you look at the complexities of Lehman it could be longer,'' Ian Hunter, an employment law partner with London- based Bird & Bird LLP, said. ``This is uncharted waters and I've been through downturns in the 1980s and the dot-com bubble.''
Bankruptcy Collapse
Lehman, Goldman Sachs Group Inc., Morgan Stanley and Bear Stearns Cos. paid about $50 billion in salaries, benefits and bonuses in 2007. The bonus portion, estimated at 60 percent of the total, rose to $29.8 billion from $26.1 billion. New York- based Lehman filed the biggest bankruptcy case in history on Sept. 15.
``Ninety percent of them are running around frantically interviewing but some of the banks are talking to them for download purposes only -- they want to know how they made their money and who their clients are, but there's no job,'' said Jason Kennedy, CEO of London-based recruiter Kennedy Associates.
U.K. bankers hired as part of the takeover of a Lehman unit should receive compensation under the same terms initially offered by Lehman under U.K. law, Jill Andrew, an employment consultant at London-based Dawson Solicitors said.
Nomura, Barclays
Japan's Nomura Holdings Inc. agreed to buy Lehman's European investment banking and equities units last week. London-based Barclays Plc bought bankrupt Lehman's investment banking and capital markets units for about $1.75 billion.
Neither Barclays nor Nomura returned calls and e-mails seeking comment. PwC spokeswoman Rebecca Mill said information about bonuses wasn't immediately available.
The 750 ex-Lehman staff will attend meetings over the next few days to discuss how the bankruptcy affects them personally, PwC said in a statement yesterday. Lawyers say there are few options for them.
source
So the number of redundancies is actually 750 from a workforce of 4,500. Obviously unfortunate for those concern but not as bad a picture as some people are painting.
Fittster said:
smilerbaker said:
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. For every trader 'let go' there are a couple of hundred back office staff let go. Do you think the back office staff get huge payoffs, huge bonus's, headhunted the next day etc?
"Japanese broker bought Lehman Brothers' equities and investment banking business, safeguarding roughly 2,500 of the 4,500 European staff at the US bank."
"Roughly 1,000 staff in the corporate and support services part of Lehman Brothers' European business which supports areas including tax advisory, risk, information technology and human resources are understood to be unaffected by the redundancies so far"
But don't let the facts get in the way of a self-righteous rant
Edited by Fittster on Friday 3rd October 11:17
These UBS people are simple out on their tod
Fittster said:
smilerbaker said:
Fittster said:
toppstuff said:
Fittster said:
And how many of these people will be in work by Monday? We had all the tears about lemon brothers but most of them were back at work very quickly.
That's just plain incorrect. Totally wrong. Shut up you berk. For every trader 'let go' there are a couple of hundred back office staff let go. Do you think the back office staff get huge payoffs, huge bonus's, headhunted the next day etc?
"Japanese broker bought Lehman Brothers' equities and investment banking business, safeguarding roughly 2,500 of the 4,500 European staff at the US bank."
"Roughly 1,000 staff in the corporate and support services part of Lehman Brothers' European business which supports areas including tax advisory, risk, information technology and human resources are understood to be unaffected by the redundancies so far"
But don't let the facts get in the way of a self-righteous rant
Edited by Fittster on Friday 3rd October 11:17
750 Lehman fixed income chaps got canned and your earlier link heralded the hire of 7 of them....
And the phrases " roughly " when describing the hires is journalistic speak for " we are guessing based on what a guy in the pub said".
BermyAndy said:
Thats slightly different though. Nomura bought them.
These UBS people are simple out on their tod
If we get back to my original question, how many will soon be back in employment?These UBS people are simple out on their tod
Clearly a high percentage of Lehman Brothers' staff are still working in the finance industry.
Fittster said:
BermyAndy said:
Thats slightly different though. Nomura bought them.
These UBS people are simple out on their tod
If we get back to my original question, how many will soon be back in employment?These UBS people are simple out on their tod
Clearly a high percentage of Lehman Brothers' staff are still working in the finance industry.
The harsh reality is that it will take the majority of those people 6 months to get another job and that's if they look globally
Fittster said:
BermyAndy said:
Thats slightly different though. Nomura bought them.
These UBS people are simple out on their tod
If we get back to my original question, how many will soon be back in employment?These UBS people are simple out on their tod
Clearly a high percentage of Lehman Brothers' staff are still working in the finance industry.
Suddenly there is an oversupply of manpower in London - many will stay unemployed for some time.
Maxf said:
Fittster said:
BermyAndy said:
Thats slightly different though. Nomura bought them.
These UBS people are simple out on their tod
If we get back to my original question, how many will soon be back in employment?These UBS people are simple out on their tod
Clearly a high percentage of Lehman Brothers' staff are still working in the finance industry.
Suddenly there is an oversupply of manpower in London - many will stay unemployed for some time.
b) "are of the level where they are employing you AND getting your clients." So join a new company and take your clients with you, what's the problem?
Well those quoted articles were a little confusing to me, but was it basically saying of the 4500 Uk Lemon brothers staff, only 750 of them got canned?
Or was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
Or was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
DJC said:
Well those quoted articles were a little confusing to me, but was it basically saying of the 4500 Uk Lemon brothers staff, only 750 of them got canned?
Or was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
5500 Globaly. 2600 in its investment banking arm.Or was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
Fittster said:
Maxf said:
Fittster said:
BermyAndy said:
Thats slightly different though. Nomura bought them.
These UBS people are simple out on their tod
If we get back to my original question, how many will soon be back in employment?These UBS people are simple out on their tod
Clearly a high percentage of Lehman Brothers' staff are still working in the finance industry.
Suddenly there is an oversupply of manpower in London - many will stay unemployed for some time.
b) "are of the level where they are employing you AND getting your clients." So join a new company and take your clients with you, what's the problem?
I doubt your sis will have her job for long with real secretaries from real companies applying for jobs - you know, those who can touch type and stuff like that. Obviously I'm sitting here lying though - we have our pick of good secretaries at the moment so zero chance of taking on someone who has no secretarial experience.
Edited by Maxf on Friday 3rd October 11:45
DJC said:
Well those quoted articles were a little confusing to me, but was it basically saying of the 4500 Uk Lemon brothers staff, only 750 of them got canned?
Or was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
2000ishOr was it a random 750 got canned, but more of that 4500 also got canned?
If it was just the 750, then his original statement that most of the at risk employees found work is factually correct. As i said though, I didnt think the articles were that clear on what they said.
How many UBS ppl have been canned today? I havent seen the original figures for those.
Fittster said:
Now that is nwrong, my useless sister with no useful experience just picked up a secretarial job in London paying 25K (Her CV is, student with part time bar work experience).
b) "are of the level where they are employing you AND getting your clients." So join a new company and take your clients with you, what's the problem?
Oh we all stand corrected, London must be buzzing with job opportunities then and we've all got it wrong!b) "are of the level where they are employing you AND getting your clients." So join a new company and take your clients with you, what's the problem?
Hang on I'll just ring one of the ops managers at UBS and let him know that it's not all lost he could cut his salary by 75% and type memos for a living - I'm sure the mortgage company will understand if he falls a little bit behind his payments
What mis-informed planet are you actually from?
Oh hang on I've just seen - Lincoln - that explains everything...
Edited by JRM on Friday 3rd October 11:48
Edited by JRM on Friday 3rd October 11:49
DJC said:
Well those quoted articles were a little confusing to me, but was it basically saying of the 4500 Uk Lemon brothers staff, only 750 of them got canned?
Or was it a random 750 got canned, but more of that 4500 also got canned?
Out of the 4500, Nomura took on 3500 (i think), some of them must have been snapped up Barclays to work with the (ex) New York team, thus leaving 750-1000.Or was it a random 750 got canned, but more of that 4500 also got canned?
Maxf said:
I doubt your sis will have her job for long with real secretaries from real companies applying for jobs - you know, those who can touch type and stuff like that. Obviously I'm sitting here lying though - we have our pick of good secretaries at the moment so zero chance of taking on someone who has no secretarial experience.
Well her and her equally useless mates who graduated last year (so little useful experience) are finding work easily enough in London on salaries between 20-25K. Edited by Maxf on Friday 3rd October 11:45
For the geeks there is still plenty of IT work out there.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff