[via MandyCNBC]
sending out an SOS
Short Of Paying People Well/Period, Is There Anything UBS Can Do To Make People Want To Work There?
By Bess Levin
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 are suggesting it never will be, writing that the bank “doesn’t have a chance” getting back to pre-crisis levels because “too much damage has been done.” Not helping things is the fact that there’s been very high turnover in the last couple months, which may have something to do with the fact that people have a need to get paid. Continue reading »
Deutsche Bank Needs Less People Vomiting Outside Its Las Vegas Nightclub, More People Blowing Money In Its Casino
By Bess Levin
As you may have heard, Deutsche Bank owns a casino (/hotel) in Vegas, called the Cosmopolitan. The Germans never intended to run the joint, originally merely funding the project by developer Ian Bruce Eichner but in 2008 Eichner had to go and default on his loans. No one else wanted to invest in the place, so DB decided to man up and finish the job itself, laying out an additional $3 billion of its own money. Allowing themselves to get momentarily excited, Deutsche scrapped Eichner’s plans and hired its own team of gambling and real estate experts, architects and interior designers. The Cosmpolitan now includes “a three-story crystal-strewn bar meant to evoke the inside of a chandelier” and guests in its hotel reportedly love the massive rooms that typically sell-out. Unfortunately, the bank is nowhere near close to breaking even on its investment (and lost $139.5 million in 2010), which might have something to do with the fact that no one is gambling there. Instead, visitors think of it more as a place to eat dinner, get drunk, and then vomit while waiting to get into a club. Continue reading »
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