Coming off a strong second quarter, UBS is investing some of its hard-earned cash in something it’s been ridding itself of for two years: talent. The Swiss bank has made a few big-name hires in the Americas, and said it will continue to add senior U.S. posts even as it reduces global headcount.
UBS hired investment banker Steve Pierson, formerly of Credit Suisse, as global head of financial technology and services and co-head of the financial institutions group for the Americas. Pierson is at least the third senior financial-services banker hired by UBS Americas group in recent months, according to Bloomberg.
The bank also recently poached senior people from Barclays and Deutsche Bank. Steve Cummings, head of Americas investment banking at UBS, told Bloomberg that Pierson likely won’t be the last such hire.
There’s good reason for UBS to be adding investment banking talent in the Americas. The global division posted an $833 million pre-tax profit in Q2, swinging from a $99 million loss a year ago, buoyed heavily by its Americas unit.
While the hiring news is refreshing, UBS staffers in other divisions and locales shouldn’t feel too comfortable. The bank cut headcount by nearly 3,000 in the last 12 months, meaning it still has plenty of cuts to make before reaching its goal of reducing its workforce by 10,000 over the next few years.
The Worst Interview Mistakes You Can Make (eFinancialCareers)
Whether we realize it or not, all of us make mistakes in interviews. Here’s a list of interview errors you should avoid, along with some real-life examples.
Becoming Richer than God (eFinancialCareers)
Here’s a look at what the five world’s richest hedge fund managers can teach us about amassing massive wealth. The top 25 billionaire hedge funds stars make more money than all 500 CEOs of the companies that comprise the S&P 500 index.
Recalling the Troops (WSJ)
Hedge-fund firm Magnetar Capital won’t face civil charges related to the mortgage-backed securities scandal engulfing Bank of America. It’s another sign that the SEC’s war against Wall Street may be slowing.
‘Fat Kid in Dodgeball’ (Bloomberg)
Investors who felt cheated by the Bank of America deal that went sour may actually owe the firm’s employees a debt of gratitude. Traders fought to exclude risky Alt-A mortgages in a securitization that would have made the deal even worse.
Weak Sauce (Business Insider)
Third Point Capital CEO Dan Loeb has finally responded to George Clooney’s savage verbal beating, where the actor called him a “carpetbagger,” among other less-than-gentle pokes. Loeb essentially backed down from the fight.
Diamond Out of the Rough? (Financial News)
Former Barclays Chief Executive Bob Diamond, who left the firm in the wake of the Libor rate-fixing scandal, is mulling making a major investment in Aquis, a new London trading platform. Rumors continue to circulate that Diamond may also look to launch a merchant bank that advises and buys stakes in businesses in Africa and Europe.
Mass Exodus (Bloomberg)
Sterne Agee & Leach hired away five credit salespeople from Citigroup after the bank changed their commission structure to a salary and bonus plan. Sterne Agee has been doing plenty of hiring.
Buzz Around the Office
Impeccable Timing (NY Post)
Anthony Weiner, AKA Carlos Danger, has a knack for the inappropriate. He called 69-year-old GOP mayoral opponent George McDonald “grandpa” on Tuesday. He was speaking at a forum sponsored by the AARP.
List of the Day: Quitting Etiquette
One important way to keep your reputation intact is by quitting the right way. That means offering full notice and giving your company a roadmap to succeed without you. Here’s how.
- Create cheat sheets for your replacement.
- Connect your company with your most important contacts.
- Ask all your co-workers if they have any questions.
(Source: The Daily Muse)