Lunchtime Links: UBS investment bankers leaving in huffy fits after Carsten Kengeter tells it like it is
Although Carsten Kengeter has a long history in investment banking, it should not be assumed that he likes investment bankers.
The Wall Street Journal has unearthed why it is that investment bankers keep leaving UBS in the US. Apparently, it's because Carsten has
been saying unpleasant things.
"He told us that bankers are spoiled children and we're the ones who messed this place up," one recently-departed UBS banker told the Wall Street Journal. "You would get off the calls and think, 'how can I stay here any longer?'"
The paper goes on to claim that there's a feeling that the US business is being starved of cash, that there are plenty of empty cubicles and corner offices and that Carsten wants to expand, but is will to, "send a tough message" - all of which is denied by UBS.
Whether the WSJ's allegations are true or not, such toughness makes sense. As we noted recently UBS investment bankers' profit per head is the worst in the industry.
Senior Goldman executives are considering whether to cull partner-heavy divisions like investment banking, according to people with knowledge of the matter. (Dealbook)
HSBC wants to hire at least 200 staff in China annually through 2016, and expand its Singapore workforce by about 1,000 people. (Bloomberg)
Job vacancies in London rose 15% last month, says Morgan McKinley. (Bloomberg)
How to go from temp to perm. (Financial Times)
If the government were to give away free RBS shares to taxpayers, everyone would like bankers again. (Evening Standard)
How much is Obama worth? (Bloomberg)
Bernard-Henri Lévy - under DSK, for the 1st time ever, the IMF did not intend to sellout to finance. (Daily Beast)
Gordon Brown has said that if he becomes head of the IMF the worst thing he would do to a hotel maid is make her incredibly bored. (Daily Mash)
The political economy of financial exuberance. (University of Alberta)
