Laid off from UBS
Yesterday I was laid off from UBS. It was a 3 year tenure, my performance is not that bad. I did some best in class work out there as a product manager. I in fact have a decent reputation and good feedback on my work. Not even a hint of this in the regular meetings and one on one s. But yesterday all of a sudden there was this HR lady along with my line manager and said as a part of the business strategy it will be my last day discussions went on and post the call system automatically shut off. Didn’t even had time to say proper goodbye to colleagues. I mean there is a severance in place, but the way I was pulled out within minutes is something really hurting. I work on the application which is highly visible and there is a lot of work planned in 2024, didn’t expect this is coming. This is the first time I am experiencing this, that too from a bank like UBS. For a contractor we give at-least 30 days notice before we ask him leave, here I am the full timer didn’t expect this type of treatment from UBS. I know Meta, and Google did the same but definitely didn’t expect this from UBS. On top of that this looks like a personal vendetta to me as I do not have that great relationship with my line manager. I mean why me when there are so many chapter leads and initiation managers who have nothing to do and sitting idle while here in product area I have a lot to work on. I am totally confused and getting scared of whom to trust and not to trust. It’s a big blow on my confidence. Whatever happened cannot be changed unless if I get another offer within UBS by Feb. But the whole process of this sucks to the core, just venting out here.
Layoffs usually have more to do with the financial aspects of the project and less with your individual performance. Don’t blame yourself too much OP.
Are you in Switzerland? Is this a mass layoff or just you?
US-Nashville
UBS lost 700 mil this quarter. You’re just a cost to the finance team to reduce, don’t take it personally.
Immediate system shutoff happens in almost every company. It prevents people from taking corporate IP or doing something damaging in retaliation. It’s standard. You can say goodbye to colleagues via personal channels or send them an email. Don’t get me wrong, layoffs suck and I’m sorry you had to go through that, but you’re taking the IT part of it way too personally. UBS is a business, and a major one at that. Their HR team isn’t there to make your departure a warm and fuzzy one.
Were you full time at UBS DM me for referral at Barclays if you find a matching role.
Whats more is there are silent layoffs happening every day!!! This isnt mass one but silent ones to reduce some headcounts from within divisions! I am scared as to what will happen once the 2024 budget comes out at the end of the year!
Hope nothing bad happens.
Hope ain’t gonna help! It looks like it’s eventuality! Lets see how bad it goes!!
Which department were you working with as a PM? DM me if you need a referral at UBS.
Groupwide Risk Platforms
Sorry for the sad news but don’t take this personally… it happens to everyone at some point.. Do you have access to a layoff package now ? Asking for a friend 😅
Yaa package is there.
was it just you from your team? or multiple people were laid off?
I have no idea about that. May be happening in parallel
It sucks and sorry you are going through it. Layoffs at Chewy yesterday as well, lost some top performing colleagues. Sometimes there doesn’t appear to be a lot of rhyme or reason, just a decision that was made. Keep your head up and good luck!