More On That "Massive, Premeditated Raid" At UBS

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As mentioned a couple weeks back, UBS's (ex) global head of healthcare Ben Lorello recently jumped ship to Jefferies, and took a gaggle of mid-senior employees with him, which made the Swiss bank angry enough to file suit against Lorello and his new employer. Today we got some color on some of Lorello and Co's less successful attempts at poaching the team. While we can't say whether or not UBS has a case that will hold up in court, we can say with certainty that when they're ready to laugh about all this, they've got themselves a piss-your-pants-in-laughter-at-how-seriously-these-people-take-themselves story to look back on.
On the 16th, Ben Lorello walked into the office of Rick Leaman, global head of IBD at UBS, handed him an envelope and walked out, for the last time. Junior bankers were pretty much in the dark as to what was going on, but soon found out that a bunch of mid-level guys (associates and directors) were making the move with Benji. Then, last Wednesday, the little ones all received voicemails at their desks by their former staffer asking if they wanted to "talk." Those who returned the calls were told-- and I can barely type this seeing because my hands are shaking so hard-- "you have an offer to leave UBS and join Jefferies. It expires at the end of the day." Supposedly the deal, for first year analysts, was a guaranteed bonus of $60k this summer, with "guidance" for the following of $100k.


Leaman caught wind of this very quickly and apparently "descended" on the 36th floor, "dramatically" gathered everyone up for an impromptu meeting, and proclaimed that he would "rebuild the group within six months," promising a transfer to another group if the attempt "didn't work out." Apparently all but one declined the Jefferies offer (which may have had less to do with Rick's speech and more to do with not wanting to get written up by Ben for rolling in at 9:01 AM).

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