UBS Suing Jefferies For Taking All Their Employees

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When we informed you that Ben Lorello, UBS global head of health care, had left the bank to join Jefferies and taken a gaggle of employees with him, we figured the Swiss might be a tad upset about the ship jumping. Apparently they're getting more bent out of shape than previously anticipated. Bloomberg reports* the tax specialists are suing Jefferies for what they describe as a "massive, premeditated raid" that resulted in 36 members of the healthcare group peacing out. Obviously everyone's very upset and emotions and feelings of betrayal are running but I think, perhaps, the jilted women ought to take a second and realize that, eventually, they were going to have to fire at least 36 (thousand) more employees anyway. This way, they got rid of the bodies without looking like the bad guy, and didn't even have to pay severance. So, really, Lorello did them a favor.
*Bloomberg should also be given credit for only needing two reporters to break the news of Lorello's departure nine days after it happened and had already been written about.

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