Because there are a gaggle of available ones as of yesterday. Up front, the catch is that you’ll have to work at UBS but it’s a small price to pay when you factor in the second to none tax advice you’ll be getting on the house. Apparently the Swiss bank’s global head of healthcare, Benjamin Lorello, was recently hired by Jefferies and somehow convinced most if not all of his team’s senior bankers to come with. Supposedly the junior bankers on the 36th floor of 299 Park were unaware they were being abandoned until yesterday, when none of their superiors showed up. So, that’s sad, in a three-legged dog with cancer way, but on the bright side, what with the absence of Lorello (he of “asses at desks by 9AM or I’ll make you wish you were never born” fame), everyone will be able to take the summer a little easier, and mosey on in whenever they want (assuming there aren’t any more cuts planned for the near future).
Related: Your Tardy Ass Will Not Be Tolerated At UBS–Fraud, Money Losing Begin Promptly At Nine A.M.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
would this (ubs –> jefferies) be considered a move up?
@1 ya think….dumb dumb
@2- 1. are you a kindergarten teacher? who the fuck says “dumb dumb”
2. most would consider jefferies to be the bottom of the barrel. in better days (for ubs) this would be a move down. now it’s probably lateral.
“You want to come with….”?? To Nebraskans, it’s normal to end an interrogatory sentence that way. I used to hear that in Nebraska all the time.
But, if I said, “I’m fixin’ to start trading ML-7 basis….”, the word, “fixin’ would cause all the Nebraska tradestaff to look at me as if Jed Clampitt had just pooped in the cement pond.
~P.V. Nasby
What is so bad about Jefferies?
I heard you can make good money there.
@3
I disagree, Jefferies is actually healthy and UBS had to be bailed out to survive. At this point this is far from lateral the times have changed. However, Jefferies is more S&T focused though from what I’ve seen.
“when i grow up, I want to climb my way to middle management”… which now means you would get to be in charge at UBS!
agree with @3
@5 are you some kind of moron? Boutiques are only cool in SoHo, not banking.
Lastly, who complains about 9am? Seriously??? I’m on the phone by 8am, it’s fucking 2pm in Europe
Hey @8, it was just a question. You don’t have to be so mean.
UVA student
@8 back to yahoo finance
If you haven’t noticed the influx of talent either starting there own shops or moving to boutiques you are blind as hell.
The game has changed assclown
With that line about boutiques, it’s apparent that #8 took “Leveraged Sellout” way too seriously.
@10
Agree.
Also, Jeffries has been expanding for the better part of the decade, significantly so in the past 5 or so years. Not defending, just sayin
“who complains about 9am?”
it’s not so much that they had to be in at 9am, it’s that they get marked down as though they’re in elementary school if they’re late, and this edict came down at a time when IBankers weren’t leaving the office until 7am to shower. So getting in at 930 shouldn’t be cause for a demerit.
LOL, how embarrassing for current UBS employees.
Congrats – you are no lower on the totem pole than Jefferies. Might as well end it at this point.
@10
Boutique banks lost market share in M&A activity in the first half of 2009. At least in the short term – the game hasn’t changed.
To cut to the chase, banks provide capital and advice. Game has changed, 10, but don’t forget that there are only a limited number of firms where the quality of advice will compensate for the fact that they have no capital to offer.
Jefferies is a wonderful firm!
- BofA i-banker
@16
Most of the talent has moved in only the last couple of months, I think it will take some time for it to make a difference
@17 I think your point is valid
UBS isn’t going to be doing a bunch of lending anytime to soon.
Capital and Advice – and in this market, one is more important than the other. Boutiques can only offer one.
Look at Lazard losing out on the Pfizer deal.
I agree that the game has changed – it has made a few much more stronger and left the smaller banks to fight over a smaller share of the pie (in the short term)
16 – yes it has. The league tables will reflect that in a couple of years, if not next year. Many of banking’s heavy hitters are now at boutiques and mid-market firms.
these days…jefferies > ubs
good move for those guys
What about JC Flowers?
22 There’s a certain level of emperor’s new clothes among those heavy hitters. Very few can provide value based on their counsel and rolodex alone. Take capital out of the equation and a lot of wannabees will be falling flat on their faces.
Jefferies is stepping it up. They just announced that they are co-mananger on a $3bb 5 year FHLMC issue.
I hear JT Marlin is hiring
JT Marlin is a fake firm, stupid.
@26, I’ve never really understood what a co-manager does. Does anyone know? I’m being dead serious here.
JT Marlin is fake??!?
Raymond James analyst > GS slave
@29 gets a much smaller allotment
J. T. Marlin is FAKE??????? Jesus, who have I been buying my CDS from????
~The Forehead Slapper
@11 is correct #8. Less LSO. More reality. Bashing boutiques is so Piper-Jaffrayish.
If J.T. Marlin is fake, why is Vin Diesel in my office?
Vin Diesel is fake.
are the senior bankers coming with, or coming with him? learn you some english.
Lorello was a super star banker with Salomon Smith Barney back in the day.
Pulled the same move on Solly when he jumped ship to UBS – he even took the analysts with him!
Does not surprise me he’s doing it again, now with Jefferies.
Why Jefferies? Guaratees, better commute, American pride. Whatever reasons, JEF will be a superior Health Care shop because of him.
I’m not gonna do what everyone thinks I’m gonna do and… FLIP OUT man… all I wanna know is one thing… who’s coming with me?
Lorello was a super star banker with Salomon Smith Barney back in the day.
Pulled the same move on Solly when he jumped ship to UBS – he even took the analysts with him!
Does not surprise me he’s doing it again, now with Jefferies.
Why Jefferies? Guarantees, better commute, American pride? Whatever reasons, JEF will be a superior Health Care banking shop because of him.
I wish I worked at Kidder Peadbody. That place sounds like it was nice.
@41: I did work at Kidder, back in the 80s. Marty Siegel was there, and would insist on having his phones swept for bugs like twice a day. We all thought it was to make sure no one was getting wind of his deals. Instead, he’s buddying up to Boesky. Al Gordon was a great guy, but there were no parents at the daycare, let’s say that.
There must be a lot of jobless losers here. Any of you getting laid?
Dunder Mifflin is also hiring.
jefferies > ubs > parents’ basement > raymond james > tent in bushwick > bac/ml > spitzer ?
@8 congrats, you can read Leveraged Sellout.
Now answer this: would you rather work at Wasserstein in its heyday or BofA today? What about Lazard?
Top bankers are moving from the bulge bracket to the boutiques because they can do the same transactions and pocket more of the fees. And junior people get paid better as well, even before TARP.
JT Marlin is a subsidiary of UBS
This is a very good move for the self-appointed Godfather. He must have lost a decent amount of power in terms of calling the group’s shots at UBS after the HealthSouth mess, and in order to do the lipstick-on-pigs deals that Lorello particularly loves, that shot-calling loss is a huge one. I’m still convinced that Ben made a deal with the devil long ago, as no STD’s or former clients have taken his life yet, and he seems to be able to withstand ridiculous corporate scandals relatively unfazed.
Incidentally, the previous poster was spot-on regarding UBS and its rearranging-the-deck-chairs exercise.
Good luck, Jefferies.
Does anyone know which senior bankers left with Ben? Big blow for UBS, as this was probably one their most active groups.
all of the MD’s
also note Jefferies ranking in “Best Place to Work” article. For an alleged bucketshop (@3) they must be doing something right. They have also been expanding at a rapid pace for several yrs now and even pre-Wall Street implosion have consistently attracted talent from both the bulge and respectable Tier II’s…also did not need to go to the US govt hat in hand, guess they knew something that the “best of the best” at the bulges didn’t.
all but 3MDs (Sarin, Gately and DiGia still there)
One question. Why didn’t UBS have non-competes or at least non-solicitation agreements in place with its bankers?
The latter simply states that an exiting employee cannot solicit/hire staff or key clients for a certain period (typically 6-18 months).
Geez.
One question. Why didn’t UBS have non-competes or at least non-solicitation agreements in place with its bankers?
The latter simply states that an exiting employee cannot solicit/hire staff or key clients for a certain period (typically 6-18 months).
Geez.