Princes of Bear Stearns, kings of Lehman Brothers-- have you attempted to gain new employment in the last several years only to encounter prejudice among people who learn of your past? Is pounding the pavement with Bear and Lehman on your resumes not unlike being forced to knock on the doors of your new neighbors and let them know about your registration on a certain list of individuals? Take heart-- one investment bank would like to let it be known that while you may have an asterisk next to your name, it believes in second chances.
UBS has hired former Bear Stearns financial chief Sam Molinaro as operating head of its investment bank effective March 1, according to a memorandum seen on Friday by Reuters. The investment banking division's co-head Jimmy Neissa will leave the firm in March to pursue family business interests, according to a second memo. After Bear Stearns was bought by JPMorgan Chase & Co in 2008 Molinaro worked as chief executive, chairman and in advisory roles at Braver Stern Securities Corp, a U.S.-based mortgage boutique. At UBS Molinaro replaces Tom Daula who becomes head of global research and analytics. "(Molinaro) will work closely with the business heads, and directly with all finance, operations, technology and control teams to materially strengthen the integrity and effectiveness of our front-to-back operating and control environment," UBS's investment bank head Carsten Kengeter said in the memo.
Will the Swiss extend the goodwill to another notable refugee in need of a new gig? We'll have to stay tuned to find out.
UBS Hires Former Bear Stearns CFO [Reuters]