UBS Energy Win

These guys must have locked in some really fucking amazing contracts, I can't see how they would've gotten lured away any other way... but this surprises me that they won't pay to keep their current talent, just pay to bring in new talent. Maybe I'm missing some pieces of the puzzle, here, or just don't know enough about banking.

Was just about to post this. Solid hire for them, should help rebuild their group.

another article : http://dealbook.nytimes.com/2011/05/19/ubs-names-head-of-energy-banking/

Obviously a huge hire but they lost a lot more than Trauber in that defection, so some work still to be done.

With all the grousing about bonuses (or lack thereof) and comp over there I wonder if this might generate some hostility (assuming they had to come up with some serious guaranteed comp to lure mr. langford).

I honestly don't get why people would go there.. obviously for a head guy who gets a guarenteed 30 mm over 3 years it's worth it.. but to go to a bank who publicly stated that they don't care about the IB group, withdraws credit support and won't really support it, who wants to put up with 90+ a week to get 60% stock and 60% cash deferred

Looks like a UBS IB loss...

http://www.cnbc.com/id/43108112

jesus they lost head of cap markets AND co-head of FIG? I was never under the impression that UBS had a good FIG team but this is just ridiculous

so much fail

UBS FIG used to be pretty good back when they had Sarkozy

I had to sit through a UBS pitch last month and they didn't even get chance to finish.

wow...the hits just keep on coming for them.

http://www.cnbc.com/id/43151372

This is getting ugly.

Don't forget the real estate IBD guy who left today as well... avoid UBS

just saw on LCD - UBS head of U.S. lev fin going to Citi

http://www.cnbc.com/id/43155370

UBS loses another energy guy

wow...these are actually huge losses

.

With all these senior departures, anyone have an insight as to what is happening to mid/Jr level talent (analyst/associate/VP)?

Morale must be terrible and I would imagine people are trying to lateral like crazy

Also, when will this start having a material impact on the overall bank's (UBS AG's) financial performance?

UBS just grabbed the Thomas Langford, former Global Head of Energy Investment Banking from Morgan Stanley and two other MS senior energy bankers (Jane Dabney and Steven Escaler) to replace some of those who had left...

Burnstein, UBS is spinning off I-banking in order to stay competitive. Right now both CS and UBS are getting buttfukked by ridiculous Swiss regulations. Their government just doesnt get it.

I'm surprised to see how many ppl want UBS to fail. This will hurt everyone, from CEOs who'll have a shorter list of potential advisors to prospective monkeys who'll face fewer BB spots.

Avoid UBS and Citi

I don't think (many) people want them to fail...just pointing out relevant acquisitions and departures in a space I follow. I started this thread pointing out positive news (the Langford acquisition)...but then they lost more people so that became relevant as well.

But I won't pretend to care about some imaginary shortage of advisors or marginal decrease in financial jobs.

Interested to see where this progresses over the next few months.

Kenteger seems pretty defiant and sure everything will be OK. Neissa seemed to be in the same boat, but rumors are floating about him now.

The plus for UBS is that these guys that leave usually have to chill for a few months before they can even start in their new role, so the effects of this senior banker shuffle may not be known for a while.

Interestingly UBS' hires seem to be coming from the banks folks on here would consider "more prestigious" and not from the boutiques and middle markets of the world.

This is completely true, for whatever reason it's a mad dash for the exit sign over at UBS these days. My buddy over there told me practically their entire Healthcare group just up and left the bank. The amount of people trying to lateral out of that place is crazy. My group has probably gotten 20-30 resumes from there and that's just at the analyst level for my particular coverage vertical; it's probably insane at the senior level. I'm not sure exactly what is going on over there or what could possibly be so bad, but I've never heard of so many people leaving or trying to leave a bank. It's apparently become so bad, the WSJ ran an article the other day about all the top brass getting the hell out of dodge, calling it the "UBS Exodus". Mind you, this is just the very senior people who have left, if you were to count junior people too, it would probably be in the hundreds:

http://blogs.wsj.com/deals/2011/05/17/ubs-exodus-a-list-of-bankers-that…

From the chart above it seems like Jefferies is the new home for most of the UBS staff Its funny because 2 years ago WSO used love basing Jefferies . Now it seems like everyone loves Jefferies and loves to bash UBS. Funny how things can change on Wall Street so quickly.

If you look up the most recent monthly league table update, UBS is not listed in the top ten. I would ignore them unless they start hitting base hits. Sort of like rooting for the last place team, yeah it is great that they got a new hitter, but the line up should be nine players deep and it looks like they dont have even half that many.

Idk dudes, there are 110-ish MDs at the firm. That everyone makes a huge deal when 5-7 big guys take off is a testament to the type of leaders the bank cultivates.

I can guarantee that a Consumer Products/Retail, TMT, Healthcare, Energy, Industrials and LevFin MD left each of GS/MS/JPM in the last 18-24 months. They're just not as high profile as Effron, Moelis, Lorello, Trauber, Cox and now Abbate.

UBS clearly cultivates some high-level talent and can bring people in from places like GS/MS/JPM as well. Despite the "exodus," one Dealogic measure I saw had UBS at #6 or #7 last year in M&A fees.

The concern is that the bank doesn't pay the fast rising superstars to stick around long-term, so the rankings fluctuate. This is on Carsten to resolve in the near-term. Being an Analyst under Bourkoff does nothing but good for your career, though.

The important thing to look at if you're there is who from your group is leaving and who's coming in. Unless you really like Healthcare, you'd not be too smart to work at a Jefferies and pass up the senior staff/PE opps. UBS offers.

Nobody here is claiming Jefferies is better than UBS (although if people keep stampeding for the exit at the rate they currently are, that may be the case a lot sooner than we think).

The upshot here and something I would certainly underscore to all the aspiring monkeys out there, if you're considering between UBS and another offer, you need to be thinking long and hard about these things. Think about all the kids who took offers to the Healthcare group as seniors in college; you show up for training 8 months later and the entire group of people you signed up to work with have left the firm; that's not exactly starting your career off on solid ground. You also have to wonder about a firm that bleeds talent at such an unprecedented rate as this; the fact that almost everybody good (Moelis, Effron, Lorello, Sarkozy, Trauber, Cox, Abbate, McDermott, Navid M., Warren Wu, Raich, etc. to name a few of the high profile departures) left is damning.

I dont think there is much concern over an MD leaving....that's normal. Nor is it a high profile MD leaving. Rather it's a high profile MD leaving and taking damn near the entire group with him ( as Trauber and Lorello did). That makes for a tough rebound.

damn, gg man, seems like all of them cant wait to get out of there.

Somewhat related but I didn't realize Goldman's energy group had lost 4 MDs in the past few months. Ray Strong to Evercore, Parish starting the Moelis office,Bill Montgomery to Quantum and now Adam Peakes is going to Tudor Pickering

I have heard mix things about the GS group... I knew Eric Mullins very well before he left for LimeRock

More high profile bankers leaving: Head of M&A and Head of Industrials announced they're also leaving this morning. I've never seen anything like this, is there going to be anyone left at this bank in a few months?

http://dealbook.nytimes.com/2011/06/01/citi-hires-2-more-ubs-bankers-as…