Late Lunchtime Links: Is UBS becoming the employer of choice for investment bankers?

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Today was the day that UBS announced its fourth quarter results. Along with the good and the bad news about bonuses (more cash but bonuses being deferred over 5 years), UBS suggested that people are now flocking to work there.

UBS is attracting 'top tier talent', said the bank in the presentation accompanying its fourth quarter results today. Specifically, it said it was attracting 'top tier talent' in its IBD (M&A and capital markets) businesses.

There was no mention as to whom UBS has been attracting exactly, but if you're a senior banker looking for a new job enthusiasm for working in UBS's M&A and equity capital markets divisions would seem to make sense. Andrea Orcel has said that he's got a five year plan for turning around UBS and that he wants to hire for the bank's advisory businesses. Orcel is a rare M&A banker in charge of an investment bank. And it helps that UBS's share price has been on an upwards trajectory since the bank said it would pull back from fixed income, rising more than 40% in the past three months.

It's less clear whether debt capital markets (DCM) bankers should want to work at UBS. Questions have been raised about the sustainability of UBS's DCM business in the absence of a strong fixed income trading arm. In today's announcement, UBS said DCM revenues had been bolstered by leveraged finance in the fourth quarter, but that beyond leveraged finance its DCM revenues were down as the it focused on target markets.


ECB may need to hire 2,000 people before 2017. (Financial Times) 

More bad news at Macquarie. (Bloomberg) 

Goldman Sachs shall be advising Moscow on its bid to become an international financial centre. (Bloomberg) 

Bonuses at Lloyds will be the lowest in the City. (Telegraph) 

Moody’s has warned Jefferies on its excessive executive pay and lack of deferrals. (Dealbook) 

Morgan Stanley investment banker Emmett Kilduff has left the firm to become a social media guru. (CityAm) 


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