Why is UBS getting so bent out of shape over losing its (ex) global head of healthcare and half the group to Jefferies? Maybe because it's not the first time Jefferies has moved in on the Swiss's bitches! Less than two months ago Jefferies performed what our favorite tax evaders would characterize as a (panty) raid on its quants, stealing Jatin Suryawanshi, who was head of algorithmic trading, and five members of the team. Now UBS is suing Suryawanshi, Partha Sakar, and Sanjay Girdhar on the claims that when they moved to Jefferies they took "prop trading secrets" with them. What they don't include in the suit is the matter of not paying bonuses for 2008, which made the revenue generating prop team not very happy and was probably the reason they sought employment elsewhere.
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Posted by guest , Jun 25, 2009 4:21PM
Suryawanshi, Partha Sakar, and Sanjay Girdhar??? GO TEAM INDIA!!!
- Team India
Posted by guest , Jun 25, 2009 4:28PM
Who would want proprietary trading secrets from UBS anyways? Hopefully that one gets laughed out of court.
Posted by guest , Jun 25, 2009 4:38PM
one more time for the cheap seats: UBS sucks
Posted by guest , Jun 25, 2009 4:52PM
should be less "than"
Posted by guest , Jun 25, 2009 5:08PM
If those swiss nazis hadn't ripped off all the jews in WW II that country would be Albania
Posted by guest , Jun 25, 2009 6:08PM
Instead of spending their money one legal fees going after ex-employees, they should just pay them. But that would make too much sense.
Posted by guest , Jun 25, 2009 8:03PM
So where are the jef algos? Is their new dept in CT?
Posted by guest , Jun 26, 2009 9:21AM
Carney posted this story this morning w/ the teaser "Read our exclusive coverage and original court documents right here!"
nice copy and paste job john: http://www.businessinsider.com/ubs-accuses-three-quant-traders-of-stealing-its-secret-code-2009-6
Posted by guest , Jul 18, 2009 9:00AM
UBS sucks