UBS Hitches Its Wagon To Bear Stearns Alum’s Star

Princes of Bear Stearns, kings of Lehman Brothers– have you attempted to gain new employment in the last several years only to encounter prejudice among people who learn of your past? Is pounding the pavement with Bear and Lehman on your resumes not unlike being forced to knock on the doors of your new neighbors and let them know about your registration on a certain list of individuals? Take heart– one investment bank would like to let it be known that while you may have an asterisk next to your name, it believes in second chances.

UBS has hired former Bear Stearns financial chief Sam Molinaro as operating head of its investment bank effective March 1, according to a memorandum seen on Friday by Reuters. The investment banking division’s co-head Jimmy Neissa will leave the firm in March to pursue family business interests, according to a second memo. After Bear Stearns was bought by JPMorgan Chase & Co in 2008 Molinaro worked as chief executive, chairman and in advisory roles at Braver Stern Securities Corp, a U.S.-based mortgage boutique. At UBS Molinaro replaces Tom Daula who becomes head of global research and analytics. “(Molinaro) will work closely with the business heads, and directly with all finance, operations, technology and control teams to materially strengthen the integrity and effectiveness of our front-to-back operating and control environment,” UBS’s investment bank head Carsten Kengeter said in the memo.

Will the Swiss extend the goodwill to another notable refugee in need of a new gig? We’ll have to stay tuned to find out.

UBS Hires Former Bear Stearns CFO [Reuters]

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23 Responses to “UBS Hitches Its Wagon To Bear Stearns Alum’s Star”

  1. AIG Quant via LEH says:

    You will be Sucked,

    – UBS

  2. Ruh roh says:

    Please reconsider this, because or else we're fucked.

    -Jimmy Nessia's family business interests

  3. 383 says:

    Molinaro? You've got to be kidding me. Might as well hire Tony Soprano. In all seriousness, this is like the Germans hiring Jeff Mayer (from where? UBS!!!) Carsten, these guys ran Bear to the ground. What are you smoking? If you must hire a Bear alum, hire Warren for god's sake. But wait, he doesn't need a job since he got out of his Bear stock at the top!

  4. The Grand Marquis says:

    I get job back now?

    -Kweku A.

  5. DingALing says:

    Jumping from Bear Stearns to UBS is like jumping off the Titanic onto an iceberg heading south.

  6. Bare and Stern says:

    UBS must the ONLY investment bank in the world where the heads of europe and australia co-head the "global" investment bank, and it doesnt need Sam Molinaro to tell you the US is the deepest investment banking market in the world. Way to go Carsten – run it to the ground like nobody else can.

    • merkin_capital says:

      They passed me a while back.


    • Rick says:

      Carsten, you will never have the skill of a jewish shopkeeper

    • bbbbbbbb says:

      it doesnt make a difference when you are trying to unload the IB .. whether through a sale , merger or all else fails , shuttering it …..that is why renewing the lease or not in Stamford is a moot point…

  7. Guest says:

    Molinaro is on a killing spree. Next one up is UBS.

  8. Glen Sulami says:

    Happy to have you join us Sam! I've had a lot of bosses over past few years and sure you will like the way I suck up. Thanks


  9. roger says:

    Is UBS aiming to add more criminals to it's roster? WTF are they thinking? Who's next? Corzine, Fuld and Madoff? Mark this post, UBS will be gone in the U.S. (sold, closed or seized) by 2014.

  10. Skeptic says:

    They tried MS, then DB, then they tried MS again. Why not try a BS refugee? Not a single other Street person has worked. I give him 11 months and $18M going out the door.

  11. Jmd says:

    Scary…seriously, does anyone read the WSJ? The information i

  12. zeitguest says:

    bess… i wasn't on the bandwagon, but the john irving reference… you got me. you are a national treasure.

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