Lunchtime Links: UBS will NOT be paying a lot of zero bonuses in the US this year
Last year, UBS handed out a lot of zeros at bonus time. This year, this should not happen again - or at least it shouldn't happen to its investment bankers in the US.
Following adverse publicity about the many departures from UBS's US investment banking business and allegations of tellings off by the investment banking CEO Carsten Kengeter, Oswald Grubel has penned a memo rallying his US investment bankers.
In it, he says to take no notice of nasty journalists and points out that UBS has actually done quite well and that US investment banking revenues played a significant part in that. He also says that UBS is committed to making a "substantial investment in its existing talent" (AKA paying healthy bonuses to current staff) and to, "rebuilding teams."
This all sounds very good - if you're a UBS banker based in New York. If you're a UBS banker based in Europe it could possibly be taken to imply that money will be diverted to retaining staff in the US come the next bonus round.
UBS has lost two more senior US investment bankers. (Reuters)
Jerker Johansson, former chief executive of UBS investment bank, seems to be setting up a private equity energy fund. (Financial News)
Very rich female hedge fund manager allegedly employed a female spy specialising in unarmed combat to befriend former staff. (Financial Times)
Very rich female hedge fund manager worked 16 hours a day 7 days a week. (SundayTimes)
The ex-Goldman banker who was formerly married to the very rich female hedge fund manager is now dating a 24 yr old Brazilian called Leiana. (Telegraph)
It's easiest to become a top female fund manager in London. (CityAm)
Almost three quarters of banking or hedge fund staff have named eastern Asian cities as the leading job-creators for financial services. (CityAm)
Between March 1 last year and April 15 this year, the FSA hired 841 staff and lost 363. (Financial News)
Vince Cable says banks must lend or face extra taxes. (Telegraph)
RBS says it's really tried to "lend as much money as we responsibly can to people who need it". (Telegraph)
If you wanted to get promoted at RBS, it may have helped to have alleged carnal relations with Fred Goodwin. (Telegraph)
Wayne Rooney earns a fortune because his rare skills give him the power to demand a high wage. But top bankers are rich because they have the power to privatize gains and socialize losses. (Stumbling and mumbling)
Was LinkedIn scammed? (NYTimes)
No. (Epicurean Dealmaker)
Aggressive sexuality on Wall Street. (English Al Jazeera)
Prepare to meet your event horizon. Physorg
