• 24 Feb 2011 at 9:22 AM

UBS Traders Suspended, May Be Fired After “Physical Fight” On The Floor

By

Earlier this week in Sydney, the head of UBS’s institutional sales desk, George Kanaan, and executive director Mark Fitzgerald were “sent home” after a gentle shove by Kanaan in Fitzgerald’s direction “quickly escalated,” with the two being separated by colleagues. They were told to leave the building immediately and have not been allowed back since Tuesday.

Today Kanaan and Fitzgerald, who have “known and worked with each other in financial and trading circles for the past 15 years,” will be told whether or not they still have jobs. More important however, is determining how the fight got started. Supposedly the altercation “broke out over the handling of a line of stock during the trading session” but is that cause for punching someone? Seems like there must be a little more to this thing. According to an email thread about the incident, “Kanaan started it and Fitzgerald finished it…Obviously the PA they likely employed last week was hotter than they thought!” Not really sure what that means though it sounds like perhaps a lady was part of the dispute. Anyway! Your speculation is welcome at this time.

UBS Probes Trading Room Scrap [Australian]

Comments (109)

  1. 1
    Posted by Anonymous | February 24, 2011 at 2:37 PM

    UBS,,, Oh, never mind.

  2. 2
    Posted by Guest | February 24, 2011 at 2:38 PM

    Dingo ate his baby.

  3. 3
    Posted by Guest | February 24, 2011 at 2:40 PM

    Clearly they were fighting over whether UBS s%cks or not.

  4. 4
    Posted by InnuendoFTW | February 24, 2011 at 2:40 PM

    Amanda Drury with the full scoop about this heated exchange between the two… Mandy?

  5. 5
    Posted by Guest | February 24, 2011 at 2:41 PM

    Used to.

  6. 6
    Posted by Gorilla | February 24, 2011 at 2:41 PM

    It’s no big deal. This kind of thing happened all the time at Lehman

  7. 7
    Posted by Mankind7 | February 24, 2011 at 2:42 PM

    There should be an Octagon built for the finance industry, would be great to storm into GS or UBS and choke slam a few people

  8. 8
    Posted by Random Guest | February 24, 2011 at 2:44 PM

    UBS Sucker Punches.

  9. 9
    Posted by Pfluger the Barbarian | February 24, 2011 at 2:45 PM

    It has to be over a woman. All altercations, fights, wars, etc. always boil down to the same ultimate root cause – pussy – even if the contestants don’t realize it at the time.

  10. 10
    Posted by Guest | February 24, 2011 at 2:47 PM

    I stopped reading at “UBS Traders”

    -Average WS person-

  11. 11
    Posted by Anonymous | February 24, 2011 at 2:48 PM

    This needs a FIST PUMP!!!!

  12. 12
    Posted by Anonymous | February 24, 2011 at 2:49 PM

    Went to a fight and trading broke out…

  13. 13
    Posted by Noconcerns/UBSSucks | February 24, 2011 at 2:49 PM

    You mis-spelled “how badly”.

    Other than that, I have no concerns.

  14. 14
    Posted by Gozer | February 24, 2011 at 2:54 PM

    The fight was over who was going to get the offer to head the custodial staff at Primerica

  15. 15
    Posted by Lindsey | February 24, 2011 at 2:55 PM

    Isn’t the head of the sales desk getting fired kind of a big deal?

  16. 16
    Posted by Guest | February 24, 2011 at 2:58 PM

    it’s why I make money…

    -guy who knows his own motives.

  17. 17
    Posted by Gorilla Snacks | February 24, 2011 at 2:59 PM

    All I want to know is if there was any digit insertion……

  18. 18
    Posted by Mr. Market | February 24, 2011 at 3:06 PM

    You mean, like the CME pits? Have those

  19. 19
    Posted by Guest | February 24, 2011 at 3:06 PM

    Whoever has the bigger p&l stays.

    -HR

  20. 20
    Posted by God | February 24, 2011 at 3:11 PM

    My total comp: 70k base, 70k bonus (cash). I am God.

    UBS 1st year analyst
    TMT group
    NY, NY

  21. 21
    Posted by Supraman | February 24, 2011 at 3:12 PM

    I don’t see what the big deal is. This is Australia where a drunken brawl is just another way of saying “good morning.”

  22. 22
    Posted by CoveredLong | February 24, 2011 at 3:13 PM

    They work for UBS – probably just got confused over what it meant to trade physical.

  23. 23
    Posted by Guest | February 24, 2011 at 3:21 PM

    sometimes fights start over syrup.

  24. 24
    Posted by Spanishmoon | February 24, 2011 at 3:26 PM

    Geez – I’m sure getting old. Back in the day, the winner would have gotten promoted.

  25. 25
    Posted by M1 | February 24, 2011 at 3:26 PM

    i think you mean whoever has less L stays. remember this is UBS.

  26. 26
    Posted by Pfluger the Barbarian | February 24, 2011 at 3:36 PM

    That may be what the contestants claim — that they are fighting over syrup — but if you probe deep enough, you would see that its really about pussy. We may fight over objects or money or respect or ego or oil….. but those are not the underlying cause.

    - Guy who understands guy’s psyches

  27. 27
    Posted by Richard Cripples | February 24, 2011 at 3:38 PM

    HR Rep: Ok, messrs Kanaan and Fitzgerald, would either one of you mind explaining to me what the hell happened?
    Fitzgerald: Well, I was in Sydney, just minding my own business, when “Wham” Kanaan shoves me…
    Kanaan: Bullshit, I was in Sydney and Fitz made a comment about my performance!
    [In walks a random female]
    HR Rep: Ok… excuse me miss? Miss who are you? What is your name?
    Unidentified woman: I’m Sydney…

  28. 28
    Posted by Richard Cripples | February 24, 2011 at 3:38 PM

    HR Rep: Ok, messrs Kanaan and Fitzgerald, would either one of you mind explaining to me what the hell happened?
    Fitzgerald: Well, I was in Sydney, just minding my own business, when “Wham” Kanaan shoves me…
    Kanaan: Bullshit, I was in Sydney and Fitz made a comment about my performance!
    [In walks a random female]
    HR Rep: Ok… excuse me miss? Miss who are you? What is your name?
    Unidentified woman: I’m Sydney…

  29. 29
    Posted by Doode | February 24, 2011 at 3:38 PM

    Ahhh!!! It is spreading – from Middle East to Wisconsin to UBS now. No one is safe!!! Communist/Islamofascist/UBS Trader conspiracy is self-evident!

    - Glenn Beck

  30. 30
    Posted by Doode | February 24, 2011 at 3:38 PM

    Ahhh!!! It is spreading – from Middle East to Wisconsin to UBS now. No one is safe!!! Communist/Islamofascist/UBS Trader conspiracy is self-evident!

    - Glenn Beck

  31. 31
    Posted by Doode | February 24, 2011 at 3:38 PM

    Ahhh!!! It is spreading – from Middle East to Wisconsin to UBS now. No one is safe!!! Communist/Islamofascist/UBS Trader conspiracy is self-evident!

    - Glenn Beck

  32. 32
    Posted by Guest | February 24, 2011 at 3:41 PM

    UBS is Number One in the land Down Under. That may be a sign.

  33. 33
    Posted by Guest | February 24, 2011 at 3:41 PM

    UBS is Number One in the land Down Under. That may be a sign.

  34. 34
    Posted by Guest | February 24, 2011 at 3:47 PM

    the “combatants?”

  35. 35
    Posted by Guest | February 24, 2011 at 3:53 PM

    OK, that was kind of funny. Now I’m wondering if there’s an “Overthrow UBS” Facebook page.

  36. 36
    Posted by Lindsey | February 24, 2011 at 3:57 PM

    Especially funny because I’m in class with a hot professor named Sydney

  37. 37
    Posted by N Wacker Stud | February 24, 2011 at 4:13 PM

    Hey Kanaan, you pussy, meet me at Minetta’s. Smack me in the face with a platypus so I know its you.

  38. 38
    Posted by CurrencyTrader | February 24, 2011 at 4:15 PM

    Watson:
    Probability that UBS sucks:
    ====================
    99.999999% – they suck
    0.0000019 – cocaine
    0.00000011 – they don’t suck

  39. 39
    Posted by polash | February 24, 2011 at 4:47 PM

    This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses. You’ve got a design here that’s not too flashy, but makes a statement as big as what you’re saying. Great job, indeed.
    Gifts

  40. 40
    Posted by Guest | February 24, 2011 at 4:53 PM

    Nothing that happens at UBS is ever a big deal.

  41. 41
    Posted by Guest | February 24, 2011 at 4:53 PM

    Nothing that happens at UBS is ever a big deal.

  42. 42
    Posted by John P | February 24, 2011 at 4:56 PM

    I made $13.7MM every day last year.

  43. 43
    Posted by Anonymous | February 24, 2011 at 4:57 PM

    Haaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa……. that’sss so dummbb

    - Guy who can’t get over AT&T commercial

  44. 44
    Posted by Guest | February 24, 2011 at 4:58 PM

    So you’re sayin there’s a chance…

  45. 45
    Posted by Guest | February 24, 2011 at 4:58 PM

    So you’re sayin there’s a chance…

  46. 46
    Posted by trojan | February 24, 2011 at 5:03 PM

    Kanaan: That’s not a knife. THIS is a knife.
    Fitzgerald: That’s not a knife, that’s a spoon.
    Kanaan: I see you’ve played knifey-spoony before.

  47. 47
    Posted by Guest | February 24, 2011 at 5:19 PM

    Sydney- how could you. So Un-Australian.

    -Melburnian living in the USA

  48. 48
    Posted by Boris the Blade | February 24, 2011 at 5:21 PM

    “physical contact”

  49. 49
    Posted by Boris the Blade | February 24, 2011 at 5:23 PM

    what is the guideline for negative pnls?

  50. 50
    Posted by Peyton Manthing | February 24, 2011 at 5:38 PM

    #24 Avoid anyone on Wall Street dumb enough to pick a fight with Bess Levin.

  51. 51
    Posted by UBS Sucks | February 24, 2011 at 5:40 PM

    Ughhh! UBS Sucks! Fuck Bleustein!

  52. 52
    Posted by UBS Sucks | February 24, 2011 at 5:40 PM

    Ughhh! UBS Sucks! Fuck Bleustein!

  53. 53
    Posted by Amherst '08 | February 24, 2011 at 5:41 PM

    I call BS. Scanned copy of your 2011 comp statment or it didn’t happen.

  54. 54
    Posted by Amherst '08 | February 24, 2011 at 5:41 PM

    I call BS. Scanned copy of your 2011 comp statment or it didn’t happen.

  55. 55
    Posted by Anonymous | February 24, 2011 at 5:56 PM

    Did the Dingo eat their babies?

  56. 56
    Posted by Walter | February 24, 2011 at 6:06 PM

    Do you see what happens when you FUCK a STRANGER in the ASS???

  57. 57
    Posted by Walter | February 24, 2011 at 6:06 PM

    Do you see what happens when you FUCK a STRANGER in the ASS???

  58. 58
    Posted by Homer Thompson | February 24, 2011 at 6:11 PM

    Bullfrogs? That’s an odd name! I’d have called ‘em chazzwozzers.

  59. 59
    Posted by Johnson | February 24, 2011 at 7:09 PM

    Each and every one of you is hilarious! I was sitting in this fucking Boston and came across this piece. I couldn’t stop laughing for 15 minutes. You made my day, muthafukers! I’m heading to NY soon, hope to meet u there, animals.
    Bess is funny too.

  60. 60
    Posted by Work life balance | February 24, 2011 at 7:11 PM

    Check http://www.sushiwithmygirls.com – latest post, you are that Duesch! No, I’m not jealous, I make plenty and work less than you.

  61. 61
    Posted by Work life balance | February 24, 2011 at 7:11 PM

    Check http://www.sushiwithmygirls.com – latest post, you are that Duesch! No, I’m not jealous, I make plenty and work less than you.

  62. 62
    Posted by Not A Guest | February 24, 2011 at 7:20 PM

    Welcome to America. Please spend all you can on our junk then go home once you’re out of cash.

  63. 63
    Posted by Not A Guest | February 24, 2011 at 7:20 PM

    Welcome to America. Please spend all you can on our junk then go home once you’re out of cash.

  64. 64
    Posted by Not A Guest | February 24, 2011 at 7:20 PM

    Welcome to America. Please spend all you can on our junk then go home once you’re out of cash.

  65. 65
    Posted by Leiutenant Obvious | February 24, 2011 at 7:48 PM

    Um, you see, he posted as . . . oh, nevermind.

  66. 66
    Posted by MBA > CFA | February 24, 2011 at 7:55 PM

    also, don’t add “or not” after “whether”

    -guy who just took the GMAT

  67. 67
    Posted by Hedge Fund Pro | February 24, 2011 at 8:22 PM

    Don’t put GS and UBS in the same sentence, thanks

  68. 68
    Posted by Chief Ragging Bull | February 24, 2011 at 8:28 PM

    how does my excessive coke use fit into ur psycho analysis?

  69. 69
    Posted by NotACurrencyTrader | February 24, 2011 at 11:11 PM

    With probability skills like that 100.00001% you trade with UBS!

  70. 70
    Posted by Guest | February 25, 2011 at 4:16 AM

    Boston is in America.

  71. 71
    Posted by Guest | February 25, 2011 at 5:04 AM

    Welcome to lower middle class. I guess it doesn’t really matter at 100hrs+ a week

    ~ guy that works 7am to 330

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