UBS announced changes to its securities division in an internal memo yesterday. Equity and fixed income, currencies and commodity sales and trading will be combined.
There will be four co-heads of the division, all of whom will report to Carsten Kengeter, chief executive of the investment bank. Dmitrios Psyllidis, the co-head of FICC, will leave the bank two years after joining from Merrill Lynch. He will be replaced by Roberto Hoornweg. Rajeev Misra, who had been Psyllidis's co-head, will stay on. Yassine Bouhara and Francois Gouws will also retain their positions as co-heads of global equities.
The odd man out is Neal Shear, the head of the securities division. Shear joined UBS from Morgan Stanley in January last year. Since he joined, the bank has hired 420 FICC bankers around the world. He wasn't mentioned in the memo and what will happen with his position is unclear.
UBS confirmed the contents of the memo but declined to comment on Shear. (Financial News)
Pay vs. Dream Job -- What Would You Choose? (FINS)
One in three people would take a 50% paycut for a "dream" job, while three out of four would jump for a 10% reduction. What would you do? Give your answer at FINS.
Credit Rearranging (NASDAQ)
Credit Suisse has poached Jay Kim from Barclays Capital for its asset-backed securities team. He will run the asset-backed securities business at CS beginning in May. He was co-head of securitized-products origination for the Americas at BarCap.
Moving On (WSJ)
Carl Huttenlocher, the head of Highbridge Capital Management's Asia investments, is leaving to start his own hedge fund, people familiar with the matter told The Wall Street Journal. JPMorgan, which houses Highbridge, declined to comment.
From Finance to Movies (Deadline)
Chris Dodd, the former Senator whose name graces the latest financial regulation act, is the new chairman of the Motion Picture Association of America. We don't quite understand the leap, either.
Ladder Climbing (FINS)
FINS talks with David de Weese, a partner at private equity firm Paul Capital, to discuss his rise to the top.
More Charges (SEC)
The SEC announced insider trading charges against Rajat Gupta yesterday. He's being accused of funneling inside info on Goldman's quarterly earnings to Galleon Management founder Raj Rajaratnam.
Above the Law (Bloomberg)
Neil Barofsky, the special inspector general for the Troubled Asset Relief Program who announced his resignation last month, will join the NYU School of Law as a senior fellow.
Dealing with a Bad Boss (Business Insider)
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Take a Leap (Forbes)
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Think Fast (Business Insider)
If you're interviewing at JPMorgan, you may be asked to tell your interviewer a joke. At Liberty Mutual, you could be asked to speculate on how many people would fit inside Texas. These are some of the examples of the craziest interview questions that have been asked.
List of the Day: Getting Healthy
People around the country are concentrating on losing weight. A recent survey found that employees are most concerned with these health issues:
1. Losing weight.
2. Stress.
3. Exercise.
(Source: AOL Jobs)
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