UBS Adds Investment Bankers In India (Where, How Conveniently, No One Expects To Get Bonuses In The First Place)

Posted by Bess Levin, Dec 07, 2007, 11:10am

UBS's investment bank, which is said (by its chief rival) to be worth negative twenty billion dollars and will be awarding neither cash bonuses nor bonuses paid in cases of Mike’s this year, is nearly doubling its staff in India. Though the firm claims that the addition of 80 bankers (bringing the total to 180) has to do with its “desire to remain among the top three investment banks in India,” and to continue “leapfrogging” over rivals, we’re told the additional staff is an attempt to make a dent in the negative $1 million price tag Credit Suisse assigned the firm’s 22,000 employees, if negligibly. Any current UBS workers given the pink slip in the next several weeks, provided UBS makes good on its promise to announce a $7.999 billion writedown, are encouraged to apply, but will in no way be given preference over outsiders. And if you want to go there, UBS India has actually said internally that it hopes to fill the new positions with former Citigroup employees. Anyway, good luck to all the candidates.

Earlier: UBS Still Taking It Up The Tailpipe

UBS Too Poor To Award Real Bonuses This Year

UBS to raise India investment bank staff [Reuters]

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Comments

Posted by , Dec 07, 2007 11:20AM

great headline

Posted by Quantster, Dec 07, 2007 11:44AM

they are hiring for I-banking business in India, not for covering US or European business. You should see Lehman job bank to see tons of positions which cover US markets based in India. Although I-Banking analyst positions should be moved overseas as they add zero value for the job/compensation and they work India hours anyways (graveyard shift).

Posted by details, Dec 07, 2007 11:48AM

quantster-- where did she say they were hiring to cover US or european business?

Posted by Sean Jean, Dec 07, 2007 1:15PM

I will laugh my ass off if the day comes when Investment banking is outsourced to lower priced MBA's in India.

Posted by LexSteelz, Dec 07, 2007 1:47PM

@ Sean Jean,
Your IT job will go first...wait, what's that? It already did? Better get over to Best Buy, Geek Squad's hiring.

Posted by Analyst are useful, Dec 07, 2007 1:49PM

Quantster, I'll have to respectfully disagree with your assertion that IBD analysts add zero value and their jobs should be moved overseas. It's much more satisfying to yell at a Harvard grad in person and see them shrink in fear. In contrast, every time I scream at "Lydia" or "Jason" (nice try, Ravi) they're all "yes sir" "I'm so sorry sir" "please don't have my family killed sir." Weak.

Posted by , Dec 07, 2007 3:19PM

sean Jean @1:15

I know of quite a few mba's from indian schools who already work on desks at all the major banks here (and yes that includes Goldman which directly recruits from schools there for banking as well as trading.)

If they can come here and do the stuff, why cant they do it out there?

Is your ass still there or have you already laughed it off?

Posted by , Dec 07, 2007 10:12PM

Eh.. no bonuses in India?? Last year it touched 200% for analysts in a BB in Mumbai. And it was for India coverage. (they do have multi-billion dollar deals there you know) .So rest assured people do expect bonuses there! Change the darn headline.

Posted by jag, Dec 08, 2007 3:01PM

I'll just mention that the booming job market, rampant wage growth and high employee turnover in India means that UBS employees in India will not be satisfied with low compensation/bonuses.

Posted by A Nonny Mouse, Dec 10, 2007 5:08AM

its $10b now...

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