Definitely relaxed, but no kicking back

According to insiders, UBS Warburg lacks the cutthroat atmosphere typically associated with investment banking. In fact, most say the firm is "relaxed" in many ways. The culture is "relaxed and focused on quality of life," says one source. "In general, people here are a little more relaxed and friendly than at other firms," says another. Yet another contact calls the firm "down to earth and relaxed." A laid back environment, however, doesn't necessarily equal a slow pace. It's "relaxed but diligent" says one trader. A banker offers, "We have a fast-paced and aggressive, but collegial culture." Many insiders agree that UBS Warburg is "team-oriented," "fast-paced," "vibrant" and "challenging," as one contact says.

Next to "relaxed," insiders are partial to the word "open," which many use in describing the interaction between senior and junior employees. One contact says senior managers are "easy going and have an open door policy. If you have a problem and you say something, it's respected, and will be attempted to be worked out." Another insider says relationships are "very good" and calls managers "open and honest." Yet another says, "For the most part, senior management and junior management interact openly." However, at least a few sources admit encountering some less-than-approachable higher-ups. An associate says, "A couple of groups have managers who are terrible to junior staff, while others have great managers who treat junior staff with dignity." Another source echoes the opinion. "It's a mixed bag. Some managers are thoughtful and respectful, and others are ogres." The non-ogres, however, seem to have a profound effect on their subordinates. An insider says, "I have a great manager who has provided me with a lot of feedback on how to excel in my job." Another contact says, "One of the best aspects of the firm are the relationships built with senior managers."

Middle of the street

UBS Warburg's pay and work hours are right in line with the industry average, say insiders. The firm "pays what the Street is paying," says one banker. "Generally, we find out about [our] bonuses after other firms announce theirs." Another source concurs, saying UBS Warburg "pays based on a survey of and interviews with other firms. Compensation is well in line with peers, if not slightly above." At least one employee says it wasn't always this way. UBS Warburg "historically paid somewhat under-market, which led to a stream of people leaving for greener pastures. However, in the last two years, my compensation has been very competitive with the best bids I've seen elsewhere." Insiders report some fine perks as well. One salesman says, "I use the car service to and from work every day ? who wants to ride the subway if you don't have to? ? and we get meals delivered from all of Mario Batali's restaurants. I never pay for my own lunch." Other sources also say that lunch is often, if not always, provided. Some employees, however, don't have it as good. Even so, they seem quite satisfied with the $30 dinner stipends offered by the firm for those that work late.