UK
Company: Delta One
Everything you need to know about UBS’s new strategy for its investment bank
Yesterday UBS unveiled its new strategy. There were a lot of slides, not all of them meaningful. Scattered among the pie charts and management jargon, there were however, some important points. They were as follows: 1) UBS is still cutting headcount by 1,300 people UBS still wants to cut headcount by 1,300 people by 2013. [...]
Post Kweku, it should still be possible to move out of the middle office
The combined efforts of Nick Leeson, Jerome Kerviel and Kweku Adoboli, each of whom used or appear to have used (it’s too early to say definitively in the case of Kweku) their knowledge of back office systems and processes to perpetrate rogue trades, all suggest one thing: no more moves out of the middle office [...]
Surprise? People are NOT streaming out of UBS
Now that the European bonus pool has likely been wiped out, along with all but $200m of the savings from its existing $2.5bn cost cutting programme, it might be assumed that a lot of people would be busting to leave UBS’s investment bank. They’re not. Based on average annual compensation of $380k a year at [...]
How much was Kweku Adoboli actually earning at UBS? And will persons from the middle office ever move into the front office again?
As details emerge of Kweku Adoboli’s ‘bling’ accomodation with “limestone floors and whitewashed walls,”, that was “big enough to make a 10-bedroom flat” and comparable to an, “art gallery,” costing an alleged 1k a week, the question is very clearly: how much he was earning at UBS? And then, are all Delta One professionals doing [...]
Lunchtime Links: First photo of the man the FT says was behind the UBS trade; the bank that’s making 30% of its EMEA equities staff redundant
The Financial Times claims to have a name for the man who was apparently arrested at 2.30am in London last night for purportedly causing havoc at UBS: allegedly it’s Kweku Adoboli, a former Nottingham University student working in Delta One trading in London. According to The FSA he’s been at UBS since 2006. There is [...]
WHERE THERE IS DEFINITELY STILL HIRING CURRENTLY: Delta One
We touched upon the relative hotness of investment banks’ Delta One desks a few months ago, but in a world where front office hiring has drastically retracted, it remains an area of recruitment. More cash equity traders and sales traders are eyeing a switch across. Recruitment sources suggest that the likes of Citigroup, BoA Merrill [...]
Five buzzwords guaranteed to get your CV noticed by IT recruiters
While financial technology recruitment remains relatively subdued, there are still pockets of activity. Some skills in demand are still relatively rare and contained within the list below are key words that will get the attention of IT in finance recruiters. 1) Agile/Scrum IT projects in investment banks can be huge, bureaucracy laden beasts requiring months [...]
Lunchtime Links: A hypothetical argument for buying Morgan Stanley and closing its entire trading business
Brad Hintz at Bernstein Research has released a note which could strike fear into Morgan Stanley’s underperforming fixed income traders. As we noted yesterday, they’re not doing very well: even after a whole load of hiring, Morgan’s FICC revenues were down 36% year on year in the first quarter (vs. -14% across leading banks as [...]
Six areas where banks are still busting to hire people in the front office
Now that equities recruitment appears to be falling out of favour and fixed income headhunters are speaking of hiring freezes, it’s tempting to assume that there’s not much hiring happening in the front office and that only finance, risk and compliance professionals can find jobs. This is not so. There is still hiring in the [...]
Late Links: Extra indications that Brazil is the place to be
Last November, we reported on claims that investment banking pay was higher in Brazil than elsewhere. Today, there are two more indications that Brazil is emerging as a source of financial services jobs. Firstly, Michael Page said its Latin American fees increased 87% year on year in the last quarter and that Brazil is now [...]
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