• 03 Nov 2010 at 4:05 PM

UBS Kicked Off General Motors IPO

If you’ve seen the latest General Motors S-1, you might have noticed that UBS is not listed as part of the syndicate anymore, although they were part of the team as recently as October 29. Why might that be? Glad you asked!

We’re told that a senior high yield analyst at UBS sent out a note last night to a bunch of clients that included his musings on the valuation. This of course would constitute a big no no with regard to the firm’s obligation to stay quiet, in addition to the fact that the info may be at odds with the unified valuation information that will be published by the syndicate. So the bank was promptly kicked off the IPO as a bookrunner. At this point it’s apparently unclear whether the Swiss will be tearing the analyst a new one, or those in compliance who let the report go through. We’re also told UBS is planning on spinning the story as it being their decision to withdraw from the deal (nobody puts UBS in a corner).

114 comments (hidden to protect delicate sensibilities)
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Comments (114)

  1. Posted by anon | November 3, 2010 at 8:22 PM

    UBS sucks

  2. Posted by guest | November 3, 2010 at 8:24 PM

    excellent career move by that senior analyst

  3. Posted by guest | November 3, 2010 at 8:24 PM

    excellent career move by that senior analyst

  4. Posted by Anonymous | November 3, 2010 at 8:25 PM

    Killing your own job is the old killing it.

  5. Posted by Anonymous | November 3, 2010 at 8:25 PM

    Killing your own job is the old killing it.

  6. Posted by tits | November 3, 2010 at 8:43 PM

    Trick Question!

    Answer: UBS Sucks

    In a nutshell he works(worked?) for them.

  7. Posted by tits | November 3, 2010 at 8:45 PM

    you are doing god’s work.

  8. Posted by Guest | November 3, 2010 at 8:48 PM

    think this needs editing. anyone? ‘At this point it’s apparently unclear whether the Swiss will be tearing the analyst a new one, or those in compliance who let the report go through.’

  9. Posted by Guest | November 3, 2010 at 8:48 PM

    in all seriousness, I would LOVE to be a fly on the wall in that guy’s boss’s office while he rips out his endocrine system out of his body.

  10. Posted by Detective | November 3, 2010 at 8:50 PM

    hmmm. Does this foot with the Clusterstock story today that someone was fired at UBS this morning?

    http://www.businessinsider.com/rumors-of-layoffs-at-ubs-as-someone-is-fired-in-stamford-2010-11

  11. Posted by Detective | November 3, 2010 at 8:50 PM

    hmmm. Does this foot with the Clusterstock story today that someone was fired at UBS this morning?

    http://www.businessinsider.com/rumors-of-layoffs-at-ubs-as-someone-is-fired-in-stamford-2010-11

  12. Posted by Guest | November 3, 2010 at 8:52 PM

    How about “tearing the analyst limb from from and hiring a new one.”

  13. Posted by Guest | November 3, 2010 at 8:53 PM

    Let’s try this again…

    “Tearing the analyst limb from limb and hiring a new one” makes sense to me.

  14. Posted by guest | November 3, 2010 at 8:54 PM

    Imagine the first few job interviews “and why did you leave your previous position?”

  15. Posted by PasteSpecialFormats | November 3, 2010 at 8:55 PM

    Its not just that they suck (because they obviously do), its the really the multitude of ways in which they suck.

  16. Posted by Yea | November 3, 2010 at 8:56 PM

    United Ball Suckers?

  17. Posted by Anon | November 3, 2010 at 9:04 PM

    Sucks why? Am newb.

  18. Posted by Anon | November 3, 2010 at 9:09 PM

    nope, because the HY analsyt would work in NYC and not the Stamford office but thank you and come again, Henry Blodget.

  19. Posted by Joey Bag O' Donutz | November 3, 2010 at 9:12 PM

    if no one actually reads ubs research, does it really count ?

  20. Posted by guest | November 3, 2010 at 9:46 PM

    Does anyone have this so-called “note”? I’ve been trying to track it down to no avail…

  21. Posted by streetman | November 3, 2010 at 9:47 PM

    Wolfie can just call his best buddy BO and get back in

  22. Posted by EJL | November 3, 2010 at 10:46 PM

    it happens from time to time.

  23. Posted by Guest | November 4, 2010 at 12:06 AM

    Way to take suck to a never before seen level.

  24. Posted by IHateUBS | November 4, 2010 at 12:32 AM

    UBS has reached an all time low. Will the bank ever do anything right? Will they ever pay anyone? Are they really a bulge bracket or just some wanna be/has been piece of shit?

    UBS… U better split… if you ever want to work on anything decent or get paid… you shouldn’t work at that shit hole.

    If you are considering going to UBS… DONT… not only did they lose this deal, but you have seen all the crap they have done with employee expenses and not paying street average bonuses.

    If you are in b-school, don’t go to UBS, if you are at UBS, leave quickly. Enough said.

  25. Posted by Guest | November 4, 2010 at 1:22 AM

    The senior analyst works in the Stamford office and no he has not been fired… yet.

  26. Posted by Guest | November 4, 2010 at 1:22 AM

    The senior analyst works in the Stamford office and no he has not been fired… yet.

  27. Posted by Ubssucks | November 4, 2010 at 2:27 AM

    I don’t think its an all time low, because they are profitable now. However, how can you take yourself serious if you’re a BB and you can’t hang on to deals where RBC and BarCap have bookrunner roles?

  28. Posted by Anon | November 4, 2010 at 2:45 AM

    wow…

  29. Posted by Skeff Joglund | November 5, 2010 at 8:12 PM

    At UBS we put U before the BS.

  30. Posted by Skeff Joglund | November 5, 2010 at 8:12 PM

    At UBS we put U before the BS.

  31. Posted by guest | November 6, 2010 at 12:23 AM

    too bad it isn’t IG. Olesen is a complete jerk.

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    There’s going to be BIG problems with the GM IPO! Buy.. Buy.. Buy!!!!

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