UBS wants its US junior bankers in the office 5 days a week now
If you're a junior banker at UBS you might be working yourself into a state of insurgency. Bonuses at the Swiss bank appear to have been acceptable, but people purporting to be juniors at the bank are forever complaining about their lives on Wall Street Oasis.
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Their complaints include the alleged removal of perks. One such perk was the option to work from home on Fridays. While junior bankers at JPMorgan and Goldman Sachs have been in the office full time for over a year, junior bankers at UBS have benefitted from a day in their homes. Not any more. The Americas banking business wants them in the office five days a week.
UBS declined to comment on the new office protocol, but it's understood to be real. It only applies in the US. Junior bankers at UBS in London can still spend Fridays at home. Staff in some central functions at the Swiss bank can spend Mondays there too.
Not all the whinging on Wall Street Oasis is valid. Earlier this month, there were complaints on the site that UBS was cutting its meal allowances for junior bankers. We understand that this is not so. More recently, there have been claims that junior bankers at UBS in America are unionising. We understand that this is not so either.
UBS is not alone in liking to see people face to face. Earlier this week, HSBC also asked its Hong Kong client-facing staff to appear in person every day.
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