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UBS Adds Investment Bankers In India (Where, How Conveniently, No One Expects To Get Bonuses In The First Place)

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UBS's investment bank, which is said (by its chief rival) to be worth negative twenty billion dollars and will be awarding neither cash bonuses nor bonuses paid in cases of Mike’s this year, is nearly doubling its staff in India. Though the firm claims that the addition of 80 bankers (bringing the total to 180) has to do with its “desire to remain among the top three investment banks in India,” and to continue “leapfrogging” over rivals, we’re told the additional staff is an attempt to make a dent in the negative $1 million price tag Credit Suisse assigned the firm’s 22,000 employees, if negligibly. Any current UBS workers given the pink slip in the next several weeks, provided UBS makes good on its promise to announce a $7.999 billion writedown, are encouraged to apply, but will in no way be given preference over outsiders. And if you want to go there, UBS India has actually said internally that it hopes to fill the new positions with former Citigroup employees. Anyway, good luck to all the candidates.
Earlier: UBS Still Taking It Up The Tailpipe
UBS Too Poor To Award Real Bonuses This Year
UBS to raise India investment bank staff [Reuters]