• 25 Jun 2009 at 2:42 PM

UBS Suing Jefferies For Taking All Their Employees

By

When we informed you that Ben Lorello, UBS global head of health care, had left the bank to join Jefferies and taken a gaggle of employees with him, we figured the Swiss might be a tad upset about the ship jumping. Apparently they’re getting more bent out of shape than previously anticipated. Bloomberg reports* the tax specialists are suing Jefferies for what they describe as a “massive, premeditated raid” that resulted in 36 members of the healthcare group peacing out. Obviously everyone’s very upset and emotions and feelings of betrayal are running but I think, perhaps, the jilted women ought to take a second and realize that, eventually, they were going to have to fire at least 36 (thousand) more employees anyway. This way, they got rid of the bodies without looking like the bad guy, and didn’t even have to pay severance. So, really, Lorello did them a favor.
*Bloomberg should also be given credit for only needing two reporters to break the news of Lorello’s departure nine days after it happened and had already been written about.

    Sign up for the Dealbreaker newsletter

    Subscribe to our free daily email and get breaking news, financial headlines, commentary, and analysis from Dealbreaker.

    — Advertisement —

    Comments (33)

    1. 1
      Posted by guest | June 25, 2009 at 2:48 PM

      Please. A moment of silence for Farrah.

    2. 2
      Posted by guest | June 25, 2009 at 2:56 PM

      paul in, uh

    3. 3
      Posted by guest | June 25, 2009 at 2:57 PM

      wow bess that footnote sounded a tad bitter

    4. 4
      Posted by guest | June 25, 2009 at 2:58 PM

      This was a badass move by Jefferies, what a raid

    5. 5
      Posted by guest | June 25, 2009 at 2:59 PM

      UBS Sucks.
      Just when I thought I was out they pull me back in.
      An Italian parable

    6. 6
      Posted by guest | June 25, 2009 at 3:06 PM

      @4 jefferies and badass.. i dont think so

    7. 7
      Posted by guest | June 25, 2009 at 3:07 PM

      -@4 & -@6
      That ‘badass’ is like a ‘badass’ bowl of banana jello.

    8. 8
      Posted by guest | June 25, 2009 at 3:08 PM

      @^ back to yahoo finance you don’t anything about the street

    9. 9
      Posted by guest | June 25, 2009 at 3:09 PM

      Bloomberg News is to speedy,
      as Ashley Dupre is to _______ .

    10. 10
      Posted by guest | June 25, 2009 at 3:09 PM

      Why is there a mexican coke shark pounding my secretary in the ass while giving me the stank eye?
      Tiger Woods’ Teeth

    11. 11
      Posted by guest | June 25, 2009 at 3:10 PM

      Louis Ziccareli puts all of you to fucking shame.

    12. 12
      Posted by merkin capital partners | June 25, 2009 at 3:13 PM

      C’mon, this begs for “i am an analyst at jefferies…”

    13. 13
      Posted by guest | June 25, 2009 at 3:18 PM

      9- virginal

    14. 14
      Posted by guest | June 25, 2009 at 3:21 PM

      http://online.wsj.com/article/SB124588590497150461.html?mod=googlenews_wsj
      done.

    15. 15
      Posted by guest | June 25, 2009 at 3:24 PM

      I am an analyst at Jefferies, WITCH TREAD THEM MUTT BEAKS SOW EYE CAN SPELL THE MOOSEY INSIDES!

    16. 16
      Posted by guest | June 25, 2009 at 3:25 PM

      “I am most jealous of your salad under the palm tree”

    17. 17
      Posted by guest | June 25, 2009 at 3:32 PM

      @15 – If I had a nickle for every time I heard that.

    18. 18
      Posted by guest | June 25, 2009 at 3:39 PM

      Jeffries is an investment bank?
      - Lloyd Blankfein

    19. 19
      Posted by guest | June 25, 2009 at 3:41 PM

      @18
      Lloyd Blankfein would never say anything that idiotic, he is pretty damn calculated with his comments
      swing and a miss

    20. 20
      Posted by guest | June 25, 2009 at 4:19 PM

      Ben who???

    21. 21
      Posted by guest | June 25, 2009 at 4:31 PM

      To my Jefferies partners
      my memorialized thoughts on your abilities are aptly put in below:
      ”Jefferies has no track record of successful execution in the health care area and they have not completed a health care high-yield offering since 1993,” Lorello wrote. ”Because Jefferies is such a low quality firm, no major firms will co-manage to them. In summary, the selection of Jefferies as your sole lead bank is plainly and simply the wrong choice for Radiologix.”
      This is from my history book on my thoughts on my new firm. Pls do not email me as you will find, i do not ever read or look at email, i only have my assistant forward faxes of the emails or read them to me. Good luck communicating with me.

    22. 22
      Posted by guest | June 25, 2009 at 5:35 PM

      @21….thanks your post makes no sense

    23. 23
      Posted by guest | June 25, 2009 at 6:07 PM

      @22 Google is your friend.
      http://www.nytimes.com/2003/04/22/business/bruised-feelings-in-health-care-letters-describe-clash-of-banker-and-client.html?pagewanted=2

    24. 24
      Posted by guest | June 25, 2009 at 6:41 PM

      @23
      Well I guess that proves how far boutique frims have come that Lorello is moving to one. That helps prove my point that Jefferies has come a long way.

    25. 25
      Posted by guest | June 25, 2009 at 7:06 PM

      Google is not your friend.
      -Bing

    26. 26
      Posted by guest | June 25, 2009 at 7:32 PM

      I’m not your Bing, bong.

    27. 27
      Posted by guest | June 25, 2009 at 10:27 PM

      Good riddance, Ben Lorello. A douche of a banker if there ever was one, you will not be missed.

    28. 28
      Posted by guest | June 25, 2009 at 10:38 PM

      If Lorello was a stock, I’d naked short him to oblivion.
      If he and his crew were any good, Moelis would have hired them in a flash.
      The UBS healthcare group (or what’s left of it) maybe a decent place to be now that Lorello is gone. It was such a sweat shop.

    29. 29
      Posted by guest | June 26, 2009 at 12:28 AM

      How great could the healthcare group have been? They missed out on all the big pharma deals this year.

    30. 30
      Posted by guest | June 26, 2009 at 12:39 AM

      @28 and @29:
      Lorello and his team focus on middle-market deals and his business is primarily capital markets driven. They are not chasing big pharma and Moelis is in the advisory business, not capital markets.

    31. 31
      Posted by guest | June 26, 2009 at 5:45 AM

      @28 and @29:
      You watch what you write, you sons of bitches!
      @30:
      Thank you, did you ever work for me?
      Ben

    32. 32
      Posted by guest | July 4, 2009 at 2:24 PM

      i made the ubs to jefferies move, best thing I ever did

    33. 33
      Posted by guest | July 4, 2009 at 2:25 PM

      i made the ubs to jefferies move, best thing I ever did

    Leave a comment

    You can log in with your account or comment as a guest below.

       or