All the news on UBS this Friday.
UBS is now boosting investment bank salaries to catch up with rivals and retain employees, said three people with knowledge of the plan.
UBS began informing staff of the raises this week, said the people, who asked not to be identified because the plan hasn’t been made public. The average increase for employees in its advisory and trading businesses will be about 9%, one person said.
A senior banker who slowly lost his sanity after a helicopter crash blew millions on lavish gifts to people he barely knew, while his bank adviser did nothing to stop him, a lawsuit claims.
Former Lehman Brothers and UBS financier Jeffrey Horan, 43, bought a New Jersey contractor a $460,000 Lamborghini and a Queens woman a $72,000 Mercedes during a bizarre 2010 spending spree, according to the Manhattan suit, filed this week.
UBS' head of sovereign, supranational and agency trading Sebastien Rosset has left the bank, marking the successful unwind of a pool of SSA assets deemed too capital intensive by the bank.
Rosset was spared in the widespread cull across UBS' fixed income business last year; kept on to manage an SSA portfolio labelled 'non-core', said market sources familiar with the situation.
Nasdaq OMX Group Inc. said brokerages including Citigroup, UBS and BNP Paribas SA will join its European derivatives market when the new venue starts operations Friday.
UBS and U.S. banks Citigroup and Bank of America topped the annual Financial Mail rankings for research in South Africa.
UBS was top-rated in the rankings based on fund managers whose votes were weighted according to the size of their firm’s assets under management in South Africa and first in equities research based on votes from fund managers who were not weighted, the Johannesburg-based Financial Mail, a weekly magazine, said in a report this week. Citigroup was second on weighted votes and BofA’s Merrill Lynch unit was third, it said.
UBS cut four analyst positions from its Canadian business as it seeks to curb costs, according to a person with direct knowledge of the decision.
Peter Rozenberg, a financial analyst, and associate Asim Imran in Toronto left the Zurich-based bank yesterday, as did Matt Donohue and George Toriola, energy analysts in Calgary, according to the person, who requested anonymity because the cuts haven’t been made public.
BlackRock has hired Daniel Whitestone from UBS to bolster its UK small- and mid-cap equities team.
Whitestone joins as director and will work initially as an analyst for the BlackRock UK Emerging Companies hedge fund.