Late Lunchtime Links: UBS is going for it in investment banking

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Once upon a time post-Kweku, there were mutterings that UBS might be going easy on investment banking and refusing to commit much in the way of balance sheet. Today, such talk is silenced once and for all.

Fresh from hiring the force that is Andrea Orcel, UBS has let it be known in the Financial Times that it has big intentions and is prepared to put its money where its intentions are.

People, ‘close to’ Sergio Ermotti have informed the FT that the bank is, “is committed to backing the client relationships that Mr Orcel will bring with funding commitments on a par with those made available by BofA.

“We need to take risk. We will have the same kind of risk appetite as BofA,” one banker told the paper.


JPMorgan will not be paying that trader the £580k he'd asked for after it make a mistake with his contract. (Bloomberg)

Jamie Welch, Credit Suisse’s new investment banking chief, is an Australian who began his career as a solicitor. (Financial News)

Greg Smith is trying to get a book deal. (Yahoo) 

Fabrice Tourre has enrolled for a PhD in economics at the University of Chicago and is a resident of Kigali, where he is working for a non-governmental organization. (Telegraph)

“I realised you had to be male to achieve [a managing director position] and the kind of person I didn’t want to be – hugely political and willing to trample on everyone and anyone in order to succeed.”  (Financial Times)

How to block your employer’s monitoring system. (Wall Street Oasis) 

Various hedge fund managers and their wives have been having dinner with the Camerons. (Alphaville)

Book your dinner here. (Cash4Access)

Retire early, die young. (VoxEU) 

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