How badly did Jefferies want Ben Lorello? Apparently the former global head of UBS healthcare got a $50 million, 2 year guarantee to jump ship. No word on whether or not there was anything included in the contract re: taking over the investment bank, or teaching JEF management his patented program for dealing with the tardy asses of employees, though obviously that was a huge draw in landing B-Lo.
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break me off a piece of that!
-Oswald Grübel
UBS…you know where I’m going with this one.
-the “ubs sucks” guy
How old is Lorello btw? $50mm payoff for 2 years work? I’d say that’s a nice way to end one’s career of working for the man, no?
I’d do it for $25
More power to em, unfortunately he now controls every dollar in that hellhole, JEF piker central.
better pay than a pro athlete
The Mandy effect persists. Erin’s neckline is plunging and there is actually some … sorry
@analyst- not that old. I think like 50, maybe.
@5 Works at UBS, hahahahaha
I’d do it for 5 bucks and a can of Coke.
-vik p
@9 wtf are you talking about? you don’t have to work at UBS to know jefferies is a bucket shop that can’t even compete with Citi in sucking dick league tables.
@9, I dont d-bag, but thanks for playing.
Do you work at all? I got a job cleaning my pool for you and waxing down my car if interested
vik@10 I’d do it for just the Coke, if they add in a little RUM. Hell yes!
-ken lewis
chewBS
-Snickers Ad Manager
@14 nice
@11 and 12 work at UBS, you can always tell who works at UBS by the anger and general bitterness they display…. bucket shops aren’t signing people to 2 year 50 million dollar deals.
$50m for two years? he must not be doing a lot of deals…
-Private Equity Baller
@16 dude, seriously, let it go. I know you feel the need to defend Jefferies since you’ve been working there for two years and think it’s the tits but I (12) categorically do not work for UBS. JEF just sucks, period (UBS does, too, but we’re talking about you and your inferiority complex issues).
@17 I think you meant to leave that comment on Leveraged Sell-Out ca. 2007.
i once signed 50 million people to a $2 deal.
R. Mugabe
It was 50 BILLION. Suck on my prestige, bitches.
-B.Lo
Ben Lorellos, WHO IS YOUR CEO??
-Maxine
@19
for some us of us the good times never went away – you sound like you’ve had a tough time, fired from your analyst position in a bank you were so proud of, girlfriend decided to suck a bigger dick.. dont get too frustrated, people don’t like that.
tata, PEB
@18 I don’t work at Jefferies, actually the conversation is about the fact you work at UBS and are frustrated that your firm is a sinking ship.
Reasonable people can see Jefferies is on the rise, how far they will go nobody knows.
@24 my guess is they’ll rise to just below street level, say sewer level
@24 dude, let it go. I don’t work at UBS. You, as evidenced by the sucking of cock jef line, “Reasonable people can see Jefferies is on the rise, how far they will go nobody knows” do however work at jefferies, and think that the only people who know it’s a joke of a firm must work at ubs. get over it.
@7, agreed, and Haines can barely speak. You people are so easy.
That’s laughable Bess.
I’m sorry but this post shows the legitimacy of this site when you actually run with such a ridiculous rumor and post it as if it could be true.
Do yourself a favor and ditch the “source” that offered this to you.
“That’s laughable Bess.”
that comment is laughable.
Hahaha – Patrick Chewing
28 = John Thain
@28 I know it’s hard to believe from your lofty perch at Citi but unfortunately it’s been pretty well confirmed. If it turns out to not be true, we’ll run a correction. Have a great day and enjoy the government $$$.
@26 You are mighty obsessed with Jefferies for a guy who claims not to work for UBS, nobody at Goldman would give a shit either way. I don’t buy it
hey it’s IP nr bingo again!
No Bess, it’s most definitely not true. And again, it’s laughable that you would actually think it could be true given.
Citi employee@35 and you know it’s definitely not true how, exactly? oh right, you have no idea, which is laughable.
@28 – You got knocked the fuck out!
smokey
how much does a ventuire capital principal make?
Meanwhile B.Lo is laughing all the way tot eh bank
Ah yes, how in the world would I know given that I am in the industry and in Lorello’s sector. Of course the sweetie that writes cute and funny columns on a blog focused on an industry she has never worked in would know more.
Carry on.
@35 this is a gossip/entertainment site. It’s going to get some stuff wrong sometimes (and unlike you, I’m not saying this post is false, since I’m not B.Lo or whoever signs his check at JEF, and neither are you). What’s laughable is that you’d get so upset about it.
@38 for the next couple of years ~$0..
btw, principal means very different things in different firms. what firm are we talking about?
Vikram,
Stop arguing with Bess and get back to work.
~Maxine and Barney
@40 wow you work in the same sector? holy shit you must for sure know the truth!
@40 fair enough, what’s the # you heard?
waiting to hear some (made up) numbers, 40. just waiting.
for instance it could be the entire team’s guaranteed bonus pool, with the dark lord getting a large chunk of it
Suck on my prestige, bitches!
GS 3rd year
OMG lets get our panties in a bunch over this, OMFG!!!
this comp has gotta be deffered crap, based on some crazy pool of shit converts that UBS has
everyone knows blogs don’t need sources. that would be journalismy. ick!
@20
Holy shit, that was funny. Literal lol.
Shut your mouth @51 or I’m gunna stick something in it.
Big MW
andrew ross sorkin@51 shouldn’t you be getting back to work? your company’s not going to be in business much longer.
Lets think rationally about this kids. He and his team are bankers that put on their pants one leg at a time like most people, representing at best a middling firm. What special skills are they bringing to the table to justify the fees they’re gonna hopefully pry from clients in order to justify the $50 million guarantee, whether to him personally or the team? I think the answer is that customers are basically saps, ready to pay huge bucks for the counsel of people that are only a little smarter than they are.
@55
You, sir (mdme?) are clearly not an investment banker.
@55 whoever said they had to/would be justified?
Everyone here realizes that Lorello was paid $83 million over 3 years to come to UBS. Coming from people who worked very closely with him, he apparently cares about revenue more than anything else, so if he isn’t getting this $50 million guarantee he must be getting a huge portion of group revenue. Also, the idea of him being head of Jefferies IB was included in the UBS court complaint, and if true, I think this pay package is accurate. He wouldn’t be getting a % of his groups revenue if Sage Kelly is now group head.
Edit: 58 should have read “he cares about money more than anything else”.
This is no surprise…
I met with Jeffries IB-Co heads
Alec & Kanoff…these two looked like managers of a Orange county strip mall…
@58 yep. where did the citi guy who knows exactly how much lorello has in his wallet at any given time go?
Lorello’s deal toys are all the same: small plastic cubes… even going back to Salomon days
he has a pyramid about 20′x20′ at base, that is made up of these cubes, that touches the ceiling in his office.
Every week another brick is added…that comes to Jeffries too
he is worth every penny….
“The health-care team brought in more than $1 billion of revenue since 2005 and ranked among the top three in the world, UBS said in the suit.”
$1 Billion in 2005-2008
$83 Million for Ben over 3yrs.
its funny that 8% commission is same as high end real estate, plane, boat, car sales…
except you dont get to bone the hot brokers, stewardesses, booth-babe, deckmates
@63
If you make $83mil in 3 years you get to bone whoever the hell you want (with little exception)