Worldco Going Out of Business

Quote from omcate:



After the merging, most of my friends, who originally worked at UBS were forced out by the SBC people. That included Quantitative Analyst, Business Analyst, Manager of a Risk Management Division, Programmers, Consultants, etc. Politics is politics. Every place is the same. I personally also had some bad experience with UBS.

That is one of the reasons I become an independent trader.

:p :p :p
:D :D :D
More...


Well I was finishing Finance at Rutgers when I started doing computer support (desktop publishing) for UBS investment Banking, right on Park Ave. Money was good, bout 25 an hour, free dinner on occassion, car service at night.

I looked at it as a way into investment banking. Within months, I was already cool with an Associate who became Managing Director few months later. He did invite me to work for them when I graduated cause I did show off my smarts. I was all into it but as I worked there and saw what IB was really all about. I would never do it, only as a desperation resort. So I decided to do prop trading. I still worked the desktop publishing job and eventually truly started to hate it. UBS was probably doing the best out of all the big banks and even there things got bad. Best example is when we had a "motivational" meeting (1 hour long, mandatory and paid for) and were told that the upper management truly appreciates the great job we were doing. Exactly a month later, people are getting laid off. One month later, more lay-offs and serious schedule changes just to avoid having anyone taking car service (a measly 1.2% of our department's budget). I was happy to finally get laid off because of the work environment.

What I am trying to point out is that bad times affect even the "safe" corporate world as much as working for yourself like trading.
 
Quote from Mecro:

Within months, I was already cool with an Associate who became Managing Director few months later.
More...

In investment banks, the corporate ladder usually goes like this:

Associate ---> Vice President ----> Principal ---> Managing Director

Sometimes, there is a rank called Assistant Vice President too. If your friend can be promoted three times in few months, he must have some serious connections. :eek: Then, UBS will definitely be a nice place for him.

:p :p :p
:D :D :D
 
Quote from omcate:



After the merging, most of my friends, who originally worked at UBS were forced out by the SBC people. That included Quantitative Analyst, Business Analyst, Manager of a Risk Management Division, Programmers, Consultants, etc. Politics is politics. Every place is the same. I personally also had some bad experience with UBS.

That is one of the reasons I become an independent trader.

:p :p :p
:D :D :D
More...

Working as an employee of a large corporation requires a lot of political wrangling in order to win promotions. In fact, if I had to list the abilities of by percentage which are necessary to advance to high levels in any large corporation I would say its about 40% business/analysis/technical ability and 60% political / social networking skills. Having worked for many years as a consultant to the executive management levels in several large listed companies I have seen first hand how all these political maneuverings play out. I choose to always remain a consultant since I work on defined projects, make my reccomendations, and let others do the day to day dirty work - which is very dirty in my opinion and not how I run my own companies. Nowadays I only consult to very high level projects and spend most time running and overseeing my ventures.

IMHO it is much better to run a smaller company (or companies) - where you can still do as well or better than the large corporate compensation by the way. My Advice: I you want to work in a large corporation do so only until you learn enough to start your own ventures.
 
Quote from CalTrader:



Working as an employee of a large corporation requires a lot of political wrangling in order to win promotions. In fact, if I had to list the abilities of by percentage which are necessary to advance to high levels in any large corporation I would say its about 40% business/analysis/technical ability and 60% political / social networking skills.
More...

Not disagreeing with your experience but I have worked in several large corporations and my experience is that the promoted are usually people who work hard. There's always the opportunist or two who get by with connections but that's not the norm, IMO.
 
Quote from Sardo_Numspa:



Not disagreeing with your experience but I have worked in several large corporations and my experience is that the promoted are usually people who work hard. There's always the opportunist or two who get by with connections but that's not the norm, IMO.
More...

I've worked for Sun Micro, Xerox, Apple Computer, Seagate Technology, Quantum, and Silicon Graphics here in the Silicon Valley....I find just the exact OPPOSITE to be true, previous posts in this thread relating to political maneuvering, intrigue and craftiness have MUCH more to do with promotions than skill sets...just my 13 years of experience in several Fortune 500 companies...and I am SOOOO glad I no longer work in that area any longer......:p

rttrader1 -
 
Quote from Sardo_Numspa:



Not disagreeing with your experience but I have worked in several large corporations and my experience is that the promoted are usually people who work hard. There's always the opportunist or two who get by with connections but that's not the norm, IMO.
More...

I used to work as a consultant for numerous companies, from small to Fortune 100 as well as government. And they'll tell things to a consultant that they'd never share with co-workers about what goes on in the company. Managers will tell you things they will tell neither their supervisors or employees. Believe me politics is a HUGE part of moving up and competancy is small. That's why I never even took one step on the 1st rung of the corporate ladder even though I've been invited many times to jump on.
 
Quote from Sardo_Numspa:



Not disagreeing with your experience but I have worked in several large corporations and my experience is that the promoted are usually people who work hard. There's always the opportunist or two who get by with connections but that's not the norm, IMO.
More...

At certain rungs of the ladder promotions are based upon who the executives farther up the chain see as people they can rely on 24/7 to get the job done. So, if you start off in a large company further down the ladder expect your promotions to be based very heaviliy on how hard you work - read how many hours a day you are working to deliver key projects. However, hard work is not the only component and it requires careful politics and much networking to achieve promotions. From a pure dollars versus hours worked - including networking hours -perspective none of this will payoff unless you reach the very senior levels of mangement.

For most senior executives this is usually a very lonely ride up the ladder since the time committments necessary to get senior positions dont allow a high quality family life.
 
Quote from omcate:



In investment banks, the corporate ladder usually goes like this:

Associate ---> Vice President ----> Principal ---> Managing Director

Sometimes, there is a rank called Assistant Vice President too. If your friend can be promoted three times in few months, he must have some serious connections. :eek: Then, UBS will definitely be a nice place for him.

:p :p :p
:D :D :D
More...


Theirs was different. It wasnt the standard since UBS is a true "global" bank.

analyst ---> associate ---> managing director ---> VP and so on

And there are junior and senior ranks within each.

Wasn't really a friend but a work acquaintance. I never really pursued the opportunity as stated before. And he definitely worked for the promotion but to start as an associate right away he had some contacts from the UBS sales trading desk where he used to work.
 
Quote from Sardo_Numspa:



Not disagreeing with your experience but I have worked in several large corporations and my experience is that the promoted are usually people who work hard. There's always the opportunist or two who get by with connections but that's not the norm, IMO.
More...

True but,

It's no longer 1980s when you can work your way out of the mailroom. Book smarts and hard work eithics are pretty much generic.

Still in good times, hard work is valued and the advancement is much easier due to expanding work force. But in times like today, all of that is out the window. You need some kind of a hook up or luck just to get hired in many sectors and even then you are competing against others with similiar connections.

What I realized is that if I was willing to do the work to be in IB, I could put the same effort into working for myself. It's the politics and corporate BS that were not worth working for UBS.

Out of a starting group of first year analysts only about 3% make it to the respectable level. There just isnt enough money to go around for everyone and only a few are allowed to make it, regardless of skill. So knowing those odds, is it really hard work and intelligence that separates those who make it and those who do not?

I could go on and on just about my department alone and the stupidity of upper management who got there god knows how and why. But you all know how it is.
 
You must log in or register to reply here.
Back
Top