Cast your mind back to late 2011. Back then, it was feared UBS might eliminate as much of a third of its headcount in fixed income. That didn’t happen: when Sergio presented his vision for UBS, he said some areas of fixed income were actually quite attractive.
Fast forward to April 2012, and things at UBS’s fixed income business actually appear to be going rather well. “Fixed income is significantly busier in terms of transaction volume than last year,” William Kennedy, the Zurich-based head of UBS’s Investment Products and Services unit, told Bloomberg. “The foreign exchange business also remains robust with client activity levels at historic highs,” he added.
In truth, Kennedy isn’t actually part of UBS’s London-based fixed income trading business, led by Rajeev Misra. The Investment Products and Services unit actually provides trading facilities for Swiss millionaires. However, his ebullience about fixed income follows similar positive statements from Bob Diamond and Jefferies and suggests 2012 could indeed be the year in which the business bounces back.
Jes Staley made $16m for 2011. Tom Montag made $12m. In explaining why Staley got paid, JPMorgan said he’d increased the company’s reach overseas. (Bloomberg)
John Hourican sold some of his 2009 bonus and made £4.8m this week. (Telegraph)
You would probably not want to be working at Man Group. (Guardian)
James Gorman has been in discussion with Moody’s in attempts to forestall a downgrading of Morgan Stanley, which would make the purchase of Smith Barney more expensive and spoil his strategy. (Financial Times)
The chief executive of Fitch holds a BS in management and marketing from the University of Lancaster. (Financial News)
This would appear to be bad news for any prop traders at SocGen. (Reuters)
“I am a prop trader. My daily schedule? I start in the middle of the night…” (Guardian)
Ian Hannam has launched a personal website to make his case. There are photos of him without the floral necklace. (IanHannam)