Carsten Kengeter

  • carsten_kengeter


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

    Carsten Kengeter, who finds inspiration in interesting places, has been replaced by Bear Stearns alum Sam Molinaro.

    / Feb 12, 2013 at 3:15 PM
  • carstenkengeter


    UBS’s Investment Banking Head May Have To Slash His Own Expenses “Like A Jewish Shopkeeper”

    As those of you keeping up with the many trials and travails of UBS know, the last couple years have been fairly brutal for investment banking chief Carsten Kengeter. Pre-tax IBD profit was down 55 percent YoY through June, employees are constantly on his ass about getting paid, the comments he made in attempt to “rally the troops” re: “slashing expenses like a Jewish shopkeeper” were totally taken in the wrong way, some guy perpetrated a $2 billion fraud (which was partially to blame for CK getting passed over for the promotion he was gunning for), and to top it all off, the higher-ups actually accepted his offer to forgo a bonus for 2011, which he would never have put out there if he thought they’d actually go for it. And now, as a thanks for all his hard work, management is publicly mulling the idea of lightening his load and paycheck.

    UBS is weighing a shakeup at the top of its investment bank that would give a reduced role to Carsten Kengeter and increased responsibilities to his co-head Andrea Orcel, three people with knowledge of the matter said. The board is meeting in New York today to consider a reorganization of the unit that will include cuts centered on the fixed-income operations that Kengeter has been responsible for since 2008, said the people, who asked not to be identified before the matter is made public. An announcement may come when UBS reports third-quarter earnings on Oct. 30, they said…Three senior executives who declined to speak publicly said they expect Kengeter to leave the bank before long. A person with knowledge of Kengeter’s thinking said he doesn’t plan to go. A UBS official declined to comment.

    Ermotti told staff in a memo this month he’ll take “all actions necessary” to tackle the “paradigm shift” in banking and will continue “remodeling” UBS. He said in July that the market environment has completely changed since the bank announced reorganization plans for the securities unit in November.

    UBS May Reduce Kengeter Role in Overhaul of Investment Bank Unit [Bloomberg]
    Related: Was That Wrong? Should Carsten Kengeter Not Have Done That?

    / Oct 25, 2012 at 3:23 PM
  • Banks, News

    Bonus Watch ’12: UBS Investment Bankers Thought Zero Was The Minimum Bonus? They Thought Wrong

    UBS investment bankers yesterday learned that their bonus pool would be down by 60%, and that anyone inclined to grumble to division head Carsten Kengeter should be aware that (1) he would have none of it and (2) he himself was taking a bonus of zero, so see point (1). Rank-and-file bankers were perhaps a […]

    / Feb 8, 2012 at 7:07 PM
  • News

    Bonus Watch ’12: UBS’s Investment Bank Chief Takes One For The Team

    Something you might have picked up on recently is that while UBS may possess many strengths, investment banking is not one of them. The unit’s “continued losses” were to blame for net profit falling 76% in the fourth quarter, there was the matter of their little rogue trader, and not even the higher-ups in Zurich […]

    / Feb 8, 2012 at 10:18 AM
  • News

    Was That Wrong? Should Carsten Kengeter Not Have Done That?

    As you may have heard, the last 6 to 12 to 36 months months have been somewhat trying for UBS investment bank chief Carsten Kengeter. Profits haven’t been exactly what he’d hoped for, the people of Stamford have (more or less) vowed to beat him with a sack of reeds should the Swiss so much […]

    / Nov 9, 2011 at 11:09 AM
  • Banks

    Who Wants To Be CEO Of UBS?

    As you may have heard, over the weekend, UBS CEO Oswald Gruebel informed the board that as much fun as this job’s been, he’d like to quit while still ahead. Sergio Ermotti, head of European business, has been named interim CEO and while a candidate for the gig before the whole Kweku Adoboli incident, the […]

    / Sep 26, 2011 at 10:14 AM
  • Banks

    UBS Investment Bank Chief Urges Employees To Remember Firm’s Legitimate Months

    Carsten Kengeter, head of UBS’ investment banking division, sent a rallying message to staff on Sunday night urging them to “move forward forcefully and decisively” following the disclosure of $2.3bn of losses from unauthorised trading…Mr Kengeter e-mailed staff saying the incident should not “undermine our hard won achievements since the crisis.” [FT, related]

    / Sep 19, 2011 at 12:24 PM
  • News

    UBS Puts Hiring On Ice (Update)

    Back in May, UBS AG investment-banking chief Carsten Kengeter told employees that he was “done with their complaints about pay,” and that those asking why they haven’t seen a bonus in several years “just don’t get it.” While the tough love approach may have worked for some, others felt it was too much, with one […]

    / Jul 20, 2011 at 10:27 AM
  • News

    UBS Investment Banking Chief Tries The Tough Love Approach

    As you may have heard, UBS has been going through a bit of a rough patch. Despite posting an annual profit (of 7.2 billion Swiss francs) for the first time since 2006, things just haven’t been the same since the crisis, and some have suggested it never will be, claiming that the bank “doesn’t have […]

    / May 17, 2011 at 10:27 AM

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