• 24 Feb 2012 at 6:24 PM

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]

23 comments (hidden to protect delicate sensibilities)
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Comments (23)

  1. Posted by AIG Quant via LEH | February 24, 2012 at 7:20 PM

    You will be Sucked,

    – UBS

  2. Posted by Ruh roh | February 24, 2012 at 7:23 PM

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

    -Jimmy Nessia's family business interests

  3. Posted by 383 | February 24, 2012 at 7:25 PM

    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. Posted by The Grand Marquis | February 24, 2012 at 7:48 PM

    I get job back now?

    -Kweku A.

  5. Posted by guest | February 24, 2012 at 8:04 PM

    +100

  6. Posted by DingALing | February 24, 2012 at 9:06 PM

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

  7. Posted by Bare and Stern | February 25, 2012 at 1:14 AM

    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.

  8. Posted by merkin_capital | February 25, 2012 at 1:32 AM

    They passed me a while back.

    -ground

  9. Posted by Guest | February 25, 2012 at 5:00 AM

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

  10. Posted by Rick | February 25, 2012 at 6:03 PM

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

  11. Posted by bbbbbbbb | February 27, 2012 at 8:52 AM

    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…

  12. Posted by Guest | February 27, 2012 at 12:00 PM

    this isn't getting enough love

  13. Posted by Glen Sulami | February 27, 2012 at 12:15 PM

    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

    Glen

  14. Posted by roger | February 27, 2012 at 2:17 PM

    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.

  15. Posted by Skeptic | February 27, 2012 at 5:50 PM

    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.

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

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