Better news this Monday if you work at UBS Investment Bank. Reuters reports that CEO Marcel Rohner has told Swiss weekly newspaper Sonntagszeitung that media estimates of 3,000 to 4,000 more job losses in the unit are too high. He said that UBS would reveal the exact number of heads to be cut next month.
Bloomberg reports that Brian Hunter, the man said to have been responsible for the demise of hedge fund Amaranth Investors in 2006 (he is believed to have lost $6bn after a losing bet on wholesale US natural gas prices), has bounced back.
As some of our readers are aware, 'The Best of Here Is The City' hardback is due to come out in time for Christmas 2008, and we are busy (among other things) looking at content, which will include some of the olds gags, interesting (and rather naughty) stories we have covered and some updated league tables. We are also interested in specfic content generated by our readers.
The Sunday Times 'Prufrock' column yesterday put a bit more meat on the story of that allegedly rowdy Commerzbank river boat party, which took place on the Thames a few days ago.
Well, we've heard much in the last 12 months or so about investment banks and fund managers getting back to basics, and asking staff to wear business attire to work. Even 'smart casual' now usually does mean 'smart' (no jeans), and some firms are insisting that men revert back to suits and ties.
Just as Here Is The City was to publish a list comparing investment banks to World Cup football teams, those diligent journalists at Euromoney got there first. As we couldn't match the wit and wisdom of the pros over at Euromoney, we'll just detail below some of their thoughts:
Here Is The City News is attempting to find out just how worried staff are about losing their jobs in an offshoring initiative. We've had several hundred responses to our survey, and now have sufficent data to publish a league table.
Here's a good example of a bad interview experience a banker allegedly had with a top securities firm a few years back.
A study of brain activity undertaken by researchers at Stamford University has revealed that the same neural network appears to govern the pleasure we get from engaging in se.ual activity, the sensation obtained taking a drug like cocaine, and the high traders get by risking their firm's capital on the markets.
......UBS. Officially, now the coolest place to be.