Head of recruitment at US bank says they're only interested in UBS people if they come at big discount

12 October 2011

1 minute read

Head of recruitment at US bank says they're only interested in UBS people if they come at big discount

As UBS bankers wait to find out their fate on November 17th, you might think other banks would be engaging headhunters to identify their best people. Apparently not.

At our roundtable event for senior European banking recruiters yesterday, rival firms said they had comparatively little interest in hiring from UBS and that if they did, they wouldn't use headhunters to identify people anyway.

"We want to pick UBS people off for a low price," said one head of recruitment. "We'll force them into a 20% downtick and they know that."

Because of this, UBS staff are apparently hard to move. It doesn't help that the share price is off 35% since April and no one wants to crystallise their losses by being bought out at the lower rate (although this could apply across the market).

Last week, UBS made

13 people in its macro directional trading team redundant. Headhunters claim some have already been reemployed at Nomura and that desirable remaining employees are being given reassurances that there will be a bonus pool this year.

Separately, Credit Suisse is rumoured to be making more senior FICC redundancies on Monday as part of the 2,000 job cuts it announced in July.

AUTHORSarah Butcher

Global Editor

Ci
Cityrecruiter
13 October 2011
Well regardless of what poor information you all seem to have access to, its the Recruiters who are ones looking to place you....if of course you are any good. Beggars can't be choosers. A headhunter is only your "friend" because they get commison, end of. Do you really think they give a monkeys about your wife and kids banter you seem to be falling for. Its a poor performing market, so get some manners and take every opportunity you can get.
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He
Headhunter
13 October 2011
@jay
"heahunter" , "pacakage"? Whos the smart one, eh?
If you took time to think about your response (or even to check the spelling) before actually writing it down you might be a more credible opposition. This probably mirrors your probable rushed approach to recruitment and an attitude to get a bum on a seat at any cost.
Most so-called headhunters (deluded and mostly based in contingent sweatshops) are of an inferior quality to real hunters whom the Bank employ to deliver first class service at a more reasonable expense. There are probably a handful of experts in search firms externally, who will always pick up mandates, but I can tell from your comments, you aint one of em buddy. Champagne anyone?
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An
Anne
13 October 2011
I remember a time when "an anonymous bank" wouldn't buy JPM for 1 USD.
That said more about that bank's weak (capital) position than about the quality of JPM or its staff, as history has proven...
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Ca
Carst
13 October 2011
@ Jay - Don't respond to recruiters' and headhunters' comments. They are scum not worth our time and attention.
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ja
jay
13 October 2011
Headhunter: not sure planet you are on, but internal recruiters are failed recruiters/headhunters and management know this...do you think they have any credibility apart from arranging the paper work after the external headhunter has found the right person.
Any UBS employee with a brain will use a headhunter especially in times when a decent package is required...internal recruiters will try and get you as cheap as possible, a heahunter will get you what you are worth, if he/she is half decent, not too less or too much...a good pacakage thats fair for both parties...true the headhunters package depends on your's but they don't want to over price candidates otherwise they wont be used for future hires...
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