Expat owl Posted October 31, 2012 Share Posted October 31, 2012 UBS in London yesterday advised circa 100 traders that they no longer had jobs. The staff actually found out because their entry passes had been disabled. Once identified at the barriers, the staff were taken away by HR reps to advise them what was happening. Now some may say that Bankers deserve everything they get but is this really the way to tell staff they've lost their jobs ???? I personally think it's a disgrace !! Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted October 31, 2012 Share Posted October 31, 2012 It's part of their job. They work knowing they can turn up one day and have all the doors locked to them. It's a dark ugly world. Guardian - Banking Blog "Some of my most vivid memories have to do with layoffs. You can be fired and literally out of the door in less than five minutes. Even worse: they just block your security pass. Some mornings I'd walk up to the turnstile thinking, this could be it. My pass won't work and the security guard will tell me that somebody will send my stuff by post. My pass did fail several times, but in each instance because it was old or damaged. Link to comment Share on other sites More sharing options...
Magilla Posted October 31, 2012 Share Posted October 31, 2012 No consultation or warning, yet they haven't gone bust. I suspect they'll be taking a massive hit in compensation for going about it that way (unless they're all contractors etc.. , which might be the case). Link to comment Share on other sites More sharing options...
RosyRat Posted October 31, 2012 Share Posted October 31, 2012 No consultation or warning, yet they haven't gone bust. I suspect they'll be taking a massive hit in compensation for going about it that way (unless they're all contractors etc.. , which might be the case). And I wonder how many are actually in a Trade Union... Link to comment Share on other sites More sharing options...
Expat owl Posted October 31, 2012 Author Share Posted October 31, 2012 No consultation or warning, yet they haven't gone bust. I suspect they'll be taking a massive hit in compensation for going about it that way (unless they're all contractors etc.. , which might be the case). I doubt very much that contractors do the trading. More likely that they'll just receive huge redundancy payouts and then sign a document which states they can't take any action against the company. Link to comment Share on other sites More sharing options...
Expat owl Posted October 31, 2012 Author Share Posted October 31, 2012 And I wonder how many are actually in a Trade Union... I don't know any investment bank in London that recognises any union and so I doubt that anybody is a union member !! Link to comment Share on other sites More sharing options...
WeX Posted November 1, 2012 Share Posted November 1, 2012 UBS in London yesterday advised circa 100 traders that they no longer had jobs. The staff actually found out because their entry passes had been disabled. Once identified at the barriers, the staff were taken away by HR reps to advise them what was happening. Now some may say that Bankers deserve everything they get but is this really the way to tell staff they've lost their jobs ???? I personally think it's a disgrace !! Not really as these people will be given their statutory/contractual notice period as gardening leave. They will have been notified their jobs are on the line as this is also a legal requirement when making redundancies, so it should come to them as no surprise. I worked for a company in Sheffield (who shall remain nameless) who when getting rid of staff they would disable their log in to the It system. They would arrive, sit down and try to log in, see they couldn't and head to the HR department who controlled it. They wouldn't come back to their seat, rather a member of HR would come collect their stuff instead. Link to comment Share on other sites More sharing options...
geared Posted November 1, 2012 Share Posted November 1, 2012 And I wonder how many are actually in a Trade Union... Who needs a trade union when you can emply half the lawyers in London? I'd imagine they'll get bunged lots of 'quiet' money and given the rest of their notice period as holiday. Link to comment Share on other sites More sharing options...
Andy Posted November 1, 2012 Share Posted November 1, 2012 It's not nice, but it's not uncommon in Banking. The damage someone could do is considerable. Link to comment Share on other sites More sharing options...
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