UBS

  • 11 Mar 2013 at 2:09 PM

Bonus Watch ’13: UBS

From the front lines: Read more »

The Swiss are scheduled to communicate bonus numbers today. In the meantime, those working in UBS’s O’Connor fund are preemptively pissed re: the news their compensation will be structured as though they were regular old employees of the bank. What are they doing about it? Read more »

  • 26 Feb 2013 at 4:22 PM

Layoffs Watch ’13: UBS West

The Swiss are said to be packing it in on the West Coast. Read more »

  • 25 Feb 2013 at 2:41 PM

Bonus/Layoffs Watch ’13: UBS

Both are expected to go down shortly. Read more »

  • 21 Feb 2013 at 12:56 PM

Bonus Watch ’13: UBS

…employees will get their bonus numbers when management feels like giving them their bonus numbers! Read more »

  • 13 Feb 2013 at 2:27 PM

UBS Needs Help Selecting Items For Its Time Capsule

Separately, the bank also needs to hire a bunch of interns for this summer’s “Emerging Talent Program.” Enter: two birds, one stone: Read more »

Carsten Kengeter, who finds inspiration in interesting places, has left the building (and been replaced by a Bear Stearns alum).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

You can question some of the life choices that Tom Hayes, a/k/a Trader A, UBS’s Libor-manipulating-est Libor manipulator, has made, but this seems to me inarguable:

Citigroup executives wooed him in June 2009 at a swanky bar in Tokyo. As they showered him with praise, say people who were there, Mr. Hayes rarely spoke, instead letting his girlfriend, a lawyer, answer questions.

Shady traders: date lawyers! And let them do all the talking for you.

That detail is from this amazing Wall Street Journal article about Hayes. When we last discussed Hayes and his totally open and casual requests to people he’d just met to manipulate Libor for him, I asked “is this: (1) all of these people did not fully realize that they weren’t supposed to be doing what they were doing, (2) UBS’s culture was one of complete lawlessness and fuck-around-ery, or (3) both of those things are true and reinforce each other?,” and per the Journal the answer is fascinatingly (3).

I’ve occasionally said that Hayes made a career of Libor manipulating but that’s not entirely right. He started at RBS and, per the Journal‘s account,1 spent his time there mainly being smart and dressing “like a college student — with washed out jeans, a polo shirt and sometimes a threadbare sweater” rather than IMing people to ask them to fix Libor. (That, at RBS, seems to have come later.) Then he moved to UBS: Read more »