UBS TMT Head Very Wealthy yet Doesn’t Really Buy the Team Drinks
Curious if this is common with wealthy group heads. He has ~$10M mansion, multiple multi million investment properties, makes good money, donates 10s of thousands to a local JCC, yet doesn’t really take the team out for happy hour drinks. Is this common?
Being a mediocre IB managing director is paradise.
That’s why those people are at UBS
Your lack of a high bonus pool (for analysts and associates) at work
“Get back to turning comments, please”
-LB
By LB do you mean Lucille Ball, because this team is a comedy
I think your premise is incorrect. You are accusing him of being a bad leader because he is penny pinching on drinks despite his wealth. He is a bad leader because he does not care enough to take the team out for drinks, not because he could be cheap. He is not taking you guys out for drinks because he does not give a crap about you guys and because he does not know how to be a team leader.
Just to add a bit more, I have had some of the most terrible group heads on the street when I was younger but even most of those guys understood the importance of team events. Even if it was something like team event at 7pm - 9pm tonight and dont stay up late tonight for work but get me a draft by 9am tomorrow morning!
He’s a couple years away from retirement, will get largely paid regardless of outcome, and maybe is slightly acoustic and doesn’t care about people
you got team head? lmao no diddy
MDs also treat juniors very poorly and also do not give a fuck about them in my group at UBS that’s not TMT
I love and fully support the thinly-veiled bashing of this TMT head
Looks like he’s more interested in his garden than deal making
Maybe an unpopular opinion… but I’d prefer less garden, no drink events and more deals
I worked under a particular an MD for 4 years and not once did they buy anything for the team. If it couldn't get expensed through the bank, he wasn't going to do it. He has a mansion in Scarsdale probably worth ~$5mm. Whenever he asked for a favor for forwarding resumes to HR, etc. I just immediately deleted them from my inbox. Why would I scratch someone elses back if they aren't going to scratch mine?
Can you give initials / bank? Sounds like an MD I know
Many years ago when I was an associate - this MD who is a group head now told me he is more likely to have client dinner or go see his kids if he isn’t traveling (which is most often the case), rather than drink with juniors.
I saw this happen over the years with myself. It’s the reality regardless of whoever this UBS guy is. Broadly for junior people who are sad about it.
To be fair why wouldn’t he prioritize clients or his kids over drinks with the juniors? Seems totally reasonable to me tbh
He’s greedy for not acknowledging all the hard work his team is doing for him with a nice gesture
TBH he could just sponsor the event with a $ cap and not even have to show up himself
I understand this take but it’s dumb. I have all of the above obligations as well, but make it a point to take my juniors out at least once per quarter. It’s the least I can do for the amount of work they do for me… anyone can spare a few hours on a random Thursday once every three months. If they say they cant because of kids/clients, they’re lying and are greedy & selfish. Team morale typically sours in the long run (I’ve seen this happen). Juniors are more perceptive than you think.
Drinks are for closers only.
Did you say closing dinner? The only closing dinner you’ll get in this group is getting your seamless order right before Chipotle closes
You should ask Ye for his opinion on this situation
I'm unable to contact these anonymous posts here in the comments, but I'm very curious about the performance of certain firms in SF TMT banking.
I made this list a year ago, would love a DM or comment to see y'alls opinions about today. Thanks! https://www.wallstreetoasis.comhttps://www.wallstreetoasis.com/forum/investment-banking/sf-tech-banking-updated-ranking-2024
Yeah, at a sweat shop and ours doesn't either. Contrarily to what most people are saying are about the group head in the comments, i still he still cares a bit, but is just notoriously cheap...
I doubt he even knows everyone on the teams name
my previous one didnt know my name for a year before he quit hahahaha
Haha, this sounds like a classic case of “work hard, spend smarter” — some wealthy folks just don’t see team drinks as a priority expense, even if they’re ballin’ elsewhere.
In my experience, it really depends on the person’s style and culture of the team. Some leaders invest more in experiences like retreats or bonuses rather than casual happy hours. Others might just prefer keeping things low-key or separating personal and work spending.
If the team vibe feels off, maybe gently suggesting a casual outing or potluck might loosen things up without breaking the bank?
Curious what others think — how common is this vibe in your groups?
Left, Right, Moderate, then question is 100% the ChatGPT style
Agreed, why do people do this? So odd.
Chat — GPT
What I'm confused about is that he'd just expense it anyways. It's not about him being cheap...sounds like he just doesn't want to hang and has other priorities.
Lol UBS Head of APAC Consumer back when he was in CS invited interns and analysts / assos out to treat them drinks. Paid with his personal card and he asked his asso to collect money from the FTs after the drinks
Really?
R.K.?
Yes. Back when he was in CS, Intralinks invited intern drinks during summer. Intralinks covered first round.
This dude told everyone he will pay for the rest. Then asked his asso to collect from analysts and associates (interns and everyone's bill split between the FT juniors).
God tier in collecting miles and points.
Based on his performance he doesn’t deserve his pay or his bonus
It's not about the money it's about the free time. Odds are he can expense the drinks anyways
How can he not have free time? He’s not really closing much nowadays
No one said he didn't have any free time. I'm saying maybe he'd rather spend however much he has with his family/friends/religous organization/volunteer work/etc.
I can empathize with you that you'd like to get out with your boss (or team lead) just laying it out from his perspective.
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