Former UBS Banker, Tired of Bonus Politics, Picks Law
Definitely seems like law is the credited career choice in this economy.
http://amlawdaily.typepad.com/amlawdaily/2009/04/…-ubs-banker-tired-of-bonus-politics-joins-linklaters.html
A former Cravath, Swaine & Moore tax partner who left that firm to join UBS AG as an investment banker four years ago is planning to return to law firm practice.
Citing the increasingly political environment for bankers and their shrinking compensation, Lewis Steinberg is expected to join Linklaters in June as co-head of the firm's U.S. operations and head of the firm's U.S. tax practice. Linklaters announced the hire in a statement released on Tuesday.
Steinberg, 52, says his move is a sign of the times as bankers, worried about how government intervention and political pressure will affect their compensation, look to move into fields that could offer better and more stable compensation. One of those fields, Steinberg says, is the law.
Man UBS is losing top bankers like crazy - how long can this last?
There's not many more to lose.
I know some inside info (more bad news) about UBS as well. One of the reasons I turned down an SA there this year.
"Definitely seems like law is the credited career choice in this economy."
...Well, I guess this validates your inquiry about law over finance. Follow the herd...
Juniorr- can you go further?
Do whatever you want to do in life S-ikea. I myself am also looking into Law (not because of job security or any of your worries), but because it is another genuine interest as I am a social studies kind of guy.
However, remember that there are many fools that buy high and sell low and they think the same way with their careers. Finance isn't disappearing, just failed firms, and more competitive firms will grow or startup to fill the niche. Capitalism will continue to exist (if Obama allows).
junior, no offense, but if you know it then it is not inside information.
Well its not info about their future strategic planning or health of the firm but more concerning what SA interns can expect, especially working with a VP friend of mine who is a MBA alum of my school.
Edit: One part of my "inside info" was just made public. UBS IBD SA's should've gotten an email just now about their 2 week cut.
No need to hide info as if someone will discover your identity. We'd like to hear more, kind sir. Cheers.
I can confirm that. I'm interning at UBS, and just got news of a 2 week reduction in the length of the program.
junior, seriously, what is the info you have? PM me if nec.
junior, pm me as well if you don't feel okay posting it here. I'm also interning at UBS.
Just my 2c.
10 weeks originally. Now everyone outside of NYC does training at their home offices instead to increase time spent with their groups. Let's hope things get better soon - news seems to point that way, but journalists also need something to write about every day...
F-it. Juniorr, PM me as well.
Any thoughts or info on what is going to happen to full time offers for those starting this summer?
I've heard different things from insiders:
One BB associate said that they only hire as many SAs as they expect to extend FT offers to. A VP at a different BB said that SA and FT recruiting are separate, and there is no such thing as a "conversion rate" or a set number of FT offers reserved for SAs. They may hire 3 SAs, but if the powers that be decide that they only need 1 FT, then the SAs are put in the same pool as the rest of the FT applicants (with a slight edge, of course, given they've been working there all summer), and they make the selection from there. It seemed like he was implying that an SA could get overlooked in favor of a superstar non-SA.
Can one of our insiders on WSO confirm either/both of these?
what i meant was for those of us who have accepted full time job offers and plan to start full time this summer (not interns, but full time employees).... is there any insight on whether or not our classes will have anything happen to them since the bank is obviously making cuts in places like the internship class? will we have offers rescinded?
wingman - My bad. Misunderstood your question. I feel like it's too late in the game to rescind FT offers (or SA offers for that matter), unless things really go south with UBS (which doesn't seem the likely scenario...but you never know). It would reflect badly on the bank to rescind offers this close to the summer. Most career services centers would shun employers who do this, and these banks would not want to deprive themselves of future talent.
I wouldn't be surprised if UBS cuts down the length of 7-week training program in NYC for full-time analysts/associates.
Just heard that CS cut their training program down to 2-3 weeks for full time associates (can't confirm about analysts).
when would they normally rescind offers? not that its very common, but i'm just curious. so am i pretty safe about not getting rescinded? the reason i'm flipping out is i am about to start apartment searching and making a few other committments that will overextend me if i'im rescinded or something soon.
i heard a rumor yesterday from a few of my SA peers from last summer that they may consider pushing our start date back... what do you think about that?
I know CS incoming first years (for IBD) are being asked to defer for a year and they only recently found out.
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