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I heard all but 3 Managing Directors left.
"Swiss bank's (UBS) global head of healthcare, Benjamin Lorello, was recently hired by Jefferies and somehow convinced most if not all of his team's senior bankers to come with. Supposedly the junior bankers on the 36th floor of 299 Park were unaware they were being abandoned until yesterday, when none of their superiors showed up" --DEALBREAKER
Haha. Show up to work with all the seniors gone, that would be interesting.
would it be safe to assume that said junior bankers will get promoted to fill the spots?
which means what, you'll go from analyst to associate? How would it work then? Say you're in the first year of the 2yr analyst stint, all seniors leave and you get promoted to associate for the second year until your analyst stint is complete. I'm assuming if you go to B school and come back you would still look at associate, not VP roles.
I doubt he would have taken all of the associates. Analysts won't be promoted.
Just my 2c.
Can they even hire from outside? I wonder what the Swiss restrictions are on bonuses etc. for firms receiving state funds.
What does this mean for Jefferies senior bankers?
The Healthcare practice was the most valuable IBD practice in UBS US Investment Bank. I think this process will continue for UBS - any practices with value will depart or be sold by UBS itself. The only real value left is in ECM/Equities S&T, and the FX trading, to my knowledge.
I think this is the best sign yet that UBS is abandoning US Investment Banking ops. Anyone care to opine?
Always heard Lorello was an asshole, I guess the fact that he lacked the courtesy to even notify his analysts that he was dipping out proves its true. Wouldn't be surprised if most of them get cut.
UBS IBD is falling apart.
I feel sorry for anyone who applied at UBS IB
http://nvmnd.wordpress.com/ NVMND.
Sure some people may get promoted, but then what?
Lorello essentially took all the client-facing bankers with him, leaving the group high and dry.
That group won't be seeing any deal flow. UBS might as well sell its IBD anyway.
Just when you think UBS is a shitty bank, you realize its much worse than a shitty bank.
well, when Moelis left UBS with most of his senior bankers, the jr guys (analysts and associates) in UBS LA got hit pretty badly and that department never really recovered from that loss. i think there was a discussion here about the level of layoffs there. it sounds as if healthcare's situation is similar to UBS LA which means if UBS does not replace those lost senior guys from other banks then healthcare will not be the same again there
This is shitty for low level staff. They do not learn anything in the absence of any future deal flow.
theyre done
At least when Moelis left, a decent portion of the analysts and associates had the option of jumping ship with him. Healthcare junior guys didn't have even that it sounded like.
There really isn't a lack of able and willing warm bodies out there who would gladly take a gig at Jefferies. They'll likely reach back for a couple of people at least.
I have no special info on the information though.
Lorello was a dead man walking since missing out on the two healthcare megadeals.
The worst thing would be for UBS to go all Swiss on the problem (i.e. ignore it). If they don't splash out on a quality team they might as well give up on the US healthcare. Having said that, I doubt we'll see any more mega healthcare deals any time soon, so it's not as bad as if UBS had lost its top UK FIG bankers.
Just my 2c.
Dude, respectfully of course, WTF are you talking about. Lorello led, arguably the best group at UBS. Everyone knows who the fuck Lorello is, and him leaving is very similar to Moelis leaving. I wonder what our favorite swiss bank is going to do...
I'm from the UK, so naturally whenever the doomsayers start pouring out in droves, I take that with a pinch of salt. Moelis left at the height of the Lev Fin activity, Lorello left after missing out on the hc main activity, so I fail to see how you can compare the two situations together. But they definately top rainmakers in their own right, I just doubt Lorello's departure would bring down UBS in the US.
UBS were hardly a US IBD powerhouse prior to CC, they ranked 9th, 10th in the US announced and completed deals in 06, 07 & 08. Whereas in the UK they have the 2nd highest number of corporate brokers, after JPMCaz, as well as being big advisers to the UK banks, so it would have been more detrimental to UBS if they had lost its top UK FIG brokers/bankers.
Our favourite Swiss bank is currently looking for a nice deep sandpit to stick their head in. But seriously, quite likely they are courting hc teams from other banks. But most likely they'll hire second rate MDs and hc will go the route of Lev Fin at UBS.
What happened to the Lev Fin team after Moelis left? Was it disbanded? Shrunk? Whom did they hire as a replacement?
Just my 2c.
I don't think you can really compare Lorello with Moelis. Lorello was a hitter, but the UBS healthcare group wasn't even the best on the street, still second fiddle to GS and ML. Could Lorello walked out that door and started a boutique with his name on it? There you go..
But in fairness to Lorello, Moelis' departure went down like this:
1) Moelis urges UBS to lever up and get into mortgages 2) UBS refuses 3) Moelis leaves to start his own shop 4) UBS does what Moelis wanted to do: lever up and get into mortgages 5) UBS gets hit hard(est) 6) Moelis builds his practice while established BBs get hit, and enters the game late enough to grab value
Moral of the story: if Moelis had left UBS 1 year beforehand, he'd be in big trouble because he would've done what he originally wanted to do, which UBS did after he left.
Moelis was head of IBD and Lorello was only a group head. Could Lorello have started a boutique? In these times, I don't think it's worth the risk when there's an established bank that wants your practice.
You make some good points on how lucky Moelis was with his timing. I'm not really trying to get in on the Moelis-worship that seems to be prevalent on this board, but rather just take Lorello down a notch. I never worked for either personally, but I have heard some stories about Lorello that are not very flattering.
Mortgages? I thought it was lev loans which ended up causing these kind of issues: http://dealbreaker.com/2007/10/citigroup-looks-to-lend-money.php http://dealbreaker.com/2008/02/how_did_kkr_financial_become_a.php http://dealbreaker.com/2007/10/kkr-might-be-timing-the-lbo-lo.php
I don't see how an increase in UBS' willingness to hold mortgages was something Moelis sought, but I can understand the benefit to Moelis/UBS LA had UBS been willing to issuing/retaining lev loans. That would have helped Moelis win more pitches or close more deals or both. No need to jam lev loans down a customer's throat when you can just shove them onto your employer's balance sheet and you still retain the employee's option to leave . . .
They have been been recruiting a lot of talent especially on the S&T side.
EMail is bouncing from one of the producing HC MDs. JEF is cleaning up right now.
Ditto on Jeffries, they were just recently named a primary dealer by the Federal Reserve..
Do any of you think there will be some upper-level firing at Jeffries? They've hired a good number of VPs/Ds/MDs. Would not they want to get rid of some old, not-so-productive bankers to make sure the company does not overspend in salaries/bonuses?
Well too bad for the analysts at UBS. Looks like the Jefferies health care analysts can look forward to getting shat upon on a daily basis now.
Seriously folks, the way the department was being run by Mademoiselle Lantz, I am not surprised that so many including Lorello left in a huff. Not only she was major rugmuncher, but she was a backstabbing bitch who cared little about the junior bankers (and boy did she badmouth Lorello behind his back!!). I believe that bad karma comes back and hits back you like a mother f---er, and a combo of the idiots in Switzerland, HR (especially that cunt Maureen Nelson), and the fact that UBS's overall operations are sinking faster than the HMS Titanic, do you blame Lorello for leaving?. Lorello might be called shrewd, tough, no-nonsense, but at the end he and Moelis are the winners in this game. Bravo Ben!
More on this.
"Then, last Wednesday, the little ones all received voicemails at their desks by their former staffer asking if they wanted to "talk." Those who returned the calls were told-- and I can barely type this seeing because my hands are shaking so hard-- "you have an offer to leave UBS and join Jefferies. It expires at the end of the day." Supposedly the deal, for first year analysts, was a guaranteed bonus of $60k this summer, with "guidance" for the following of $100k."
http://dealbreaker.com/2009/06/how-lorello-and-jefferies-a-ma.php
Haha..wow.
Anyone know if the SAa got an offer to come with as well?
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