When Goldman came knocking for UBS star trader

For Hire

A close call ?

The Wall Street Journal's MoneyBeat column reports that Tom Hayes – the bank trader known to colleagues as Rain Man, who authorities allege was the key figure of a global interest-rate-rigging scheme, was working at UBS in Tokyo back in 2008. He had developed a reputation as an aggressive, lucrative derivatives trader.

That June, Goldman Sachs came knocking.

Goldman’s attempt to hire Hayes was serious. The firm formally offered him a job as Managing Director, and dangled a $3m guaranteed payout for 2008, according to people familiar with the offer.

In the end UBS battled, successfully, to retain its star trader, who ended up generating more than $250m in trading revenue during his roughly three years at UBS in Tokyo.

Hayes eventually left to go work for Citigroup just over a year later.

Hit the link below to access the complete Wall Street Journal article:

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