UBS LA SA scandal

it's definitely been an interesting 2007 for that office...

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From what I heard through analysts in the office, the people in charge of recruiting were afraid a few top summers were going to leave so they tried to get them to sign early by withholding offers and hoping they would crack. But instead they gave ubs a big fuck you and aren't going to come back.

So they said we're not going to give you an offer unless you agree to take it before hand? That sounds retarded. Looks like a case of Wall Street being a small place that works for the interns for once.

Except that's idiotic on the part of the summers. They're the ones that will have to explain away why they didn't get a full time offer at the end of the summer. No matter what you say, you always look bad without the offer.

They probably did the right thing. I'm sure they won't have trouble getting other offers. UBS LA has really gone downhill.

If they really were the top summers then word will get out about them and they won't have too much trouble getting another offer. Bankers talk and if this story has any merit then they will get some respect by not being bullied into a contract they didn't want.

I can only speak from my experience, but of about 10 potential offers for a 1st year position, only 2 companies DIDN'T play the "if we were to give you an offer right now, would you take it" card. It is a very shady practices recruiters now seem to use to offset the shady college seniors who try and get as many offers as possible just for the free trips and meals.

Has anyone heard or can substantiate the rumor that DB fired the analysts that scored in the bottom 60% of a test they gave them?

I have also been asked, "If we were to give you an offer right now, would you take it". It's underhanded, but that's the way the world works. It's a way for them to pressure you without doing anything that your career center would be angry about.

Of course, if someone asks you if you want the job, you say YES. Then you let things happen as they may. While Wall Street is not a great place for people who are completely morally bankrupt, those who are scrupulously honest will always be trampled by those who are merely 90% honest.

To be perfectly honest (ha!) I've found that 90% honesty and 10% bullshit is the right formula. In other words, be as honest as you can without shooting yourself in the foot.

how do you answer the "if i were to give you an offer now would you accept" question, always yes?

Depends on how well you prepped. If you aren't a moron and lined up early interviews with a good internship under your belt you can say whatever you want.

Safe thing is to say no and reneg. Like Jimbo said- - no real loyalty from bank to you so why give it back.

Did an associate get punched in the face?

I laughed at "banks talk, and will pick up all the good analysts." You do realize you're talking about analysts, right?...

Believe me, outside of the ordinary recruiting process, banks could care less about exerting themselves to hire analysts.

Well, that's not entirely true. Think about the value of the free market intelligence - you find out if these people are good people to have around, skilled, hard-working, without going to the expense of bringing them in, training them, paying them, and then losing them.