UBS Will No Longer Slash Expenses “Like A Jewish Shopkeeper”***

Carsten Kengeter, who finds inspiration in interesting places, has left the building (and been replaced by a Bear Stearns alum).

Dear Colleagues,

Following the successful transfer of our Non-Core portfolio assets into the Corporate Center earlier this year, Carsten Kengeter will be leaving UBS after a short transition. He will continue to provide advice to UBS on the wind-down of the Non-Core portfolio over the coming months.

I want to thank Carsten for his many contributions to UBS during his four years with UBS, including his three years as CEO of the Investment Bank, and I wish him the best for his future endeavors.

I am pleased to announce that Sam Molinaro will take on the role of head of Non-Core and Legacy Portfolio, with immediate effect, reporting directly to me. Sam joined UBS in March 2012 as COO of the Investment Bank and was most recently COO of Non-Core and legacy portfolio.

Sam brings extensive industry experience from his time at Bear Stearns where he was CFO and then COO. Before joining UBS he worked on several advisory roles and was CEO and Chairman of Braver Stern Securities. He was instrumental in the set-up and transfer of the Non-Core unit at UBS and I am confident that, with his appointment, we will continue the effective execution of our strategy in this area.

Please join me in congratulating Sam and wishing him every success in his new role.

Sergio P. Ermotti

Related: Was That Wrong? Should Carsten Kengeter Not Have Done That?
***Earlier today I received a call from Simon Wiesenthal asking me to clarify whether or not I condoned Carsten Kengeter’s anti-Semitic comment. Pretty sure that the fact that I’ve written that Carsten likely spends his money on limited editions of Mein Kampf, and otherwise relentlessly mocked him for the “Jewish shopkeepers” statement since he made it, suggests that I do not condone what he said but to be clear: I do not! Thanks and have a great day.

(hidden for your protection)
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22 Responses to “UBS Will No Longer Slash Expenses “Like A Jewish Shopkeeper”***”

  1. Excel says:

    Putting Baear Stearns CFO in charge of anything means you don't want a shop to keep.

  2. VonSloneker says:

    Examine your motives…Levin. Wait…

    – Confused Gentile

  3. Guest says:

    Does the grammar in that email bother anyone besides me?

    • juniormistmaker says:

      The 2nd paragraph in particular made me wince.

    • Guesting says:

      There were eight of us. In 11 years. Back in 1948 through 1959. After the first two, mother was through with having children and being a mother to the rest of us. Hers was the lot in life many Roman Catholic Irish women faced. Dad made up for her loss of love. Best Father and provider anyone could have wished for. He worked like a s.o.b. but played non-stop with us when he was home. We would crawl all over him like puppies on a child. By today's living standards we would have been considered poor. Back then large families were wealthy in love. Back in those days the Irish were niggers, niggers were negros, and negros were mexicans.

  4. Lowly Assistant says:

    I find it difficult to believe that Sam Molinaro came from BSC. If his name was Sammy Molinaro or Sam Molinalla, maybe. But Sam Molinaro – no.

  5. Guest says:

    For a while, I was COO of the "Non-Core" and "Legacy" groups at UBS, and I thought my career might be heading towards a dead-end. But now I am the HEAD of "Non-Core" and "Legacy". So, things are really looking up!

    – Entry in Sam Molinaro's Diary, 2/12/13

  6. PokeMyEyeOut says:

    Carsten's "Deutschland, Deutschland über alles" ringtone will no longer be heard in the hallways of Zurich

    • Guest says:

      Employees hunting for the Legacy Portfolio have been unable to find it, but report hearing, "It'z a lang vay, zu Tipperary, it's a lang vay zu home…" very faintly in the distance.

  7. Semantics 101 says:

    "we will continue the effective execution of our strategy in this area"

    That's one way to spin putting up the "Going Out Of Business Sale!" sign.

  8. SEP says:

    Believe it or not. Carsten is one of many reasons why so many senior bankers left UBS.

  9. Sergio says:

    I had CK in the death pool….winner, winner, chicken dinner

  10. Guest says:


    Your comp for the year is zero, and it cliff vests in 5 years


    • Guest says:

      Matt Hanning, Asia IBD, UBS

      Your sign-on bonus is zero, and its payable immediately. Also, upon an assessment of your competencies, we find an Analyst3 level appropriate upon your joining us.

      Koji Nagai, CEO-Nomura

  11. Swiss National Bank says:

    It's refreshing to know UBS still needs "advice on the wind-down of the Non-Core portfolio over the coming months" given its worth zero anyway.

  12. Out Sourced says:

    You mean, outsourcing IT and then a service under the finance arm as well as HR is does NOT mean UBS is slashing expenses??

    Silly me, and I thought UBS was working towards a 'core' executive group with every support group imaginable is a 3rd party merc who is fired and hired at the drop of a hat (for botched desktop 'upgrade' roll out, funny money 'savings' and awful awful AWFUL operations surrounding vital human resources services),… LOL!!!!shift+1!!!!

  13. Former Bear Guy says:

    Nice call UBS, I guess Jon Corzine wasn't available.

    • Guest says:

      Ace may also still be available. Better hurry up before Jamie locks him up with a retention bonus of shares in BS.

    • Greenwich Advisor says:

      Hey!! Dont mess with Corzine or Molinaro!!!

      -Dick Fuld
      (still waiting for that UBS call)

  14. henry says:

    can anyone tell me anything about this sam molinaro..i have been trying to read more about him and his personal life but cant get much information. all i know is about moving from Bear Stearns to UBS..attending Bonaventure university with BBA in accounting…is he married? how many kids does he have? etc.. any information about him will be mail is