If there's any bank that's commanded the spotlight sheerly for its executive management shake-ups over the past year, it's UBS. Maybe Bank of America is a close second.
It's fitting then that those two banks are involved in the latest one. Bank of America's Andrea Orcel, who headed emerging markets excluding Asia and the European credit-card business, is headed to UBS to share the spotlight with none other than Carsten Kengeter. We can't imagine Kengeter is thrilled to be getting a teammate to run investment banking, but bankers inside the unit are probably heartened by the appointment.
Orcel's appointment signifies UBS's priorities and strikes down presumptions that the investment bank there is finished. While the bank is certainly cutting back in some areas, like sales and trading, it's brought on Orcel to function as a dealmaker and broaden the bank's approach into advisory and corporate finance, the Financial Times writes.
It does mean Kengeter becomes less of a shining star at the firm. His light has been dimming since last September, when a huge rogue trade took place under his watch.
Meanwhile, back at BofA, the bank had to figure out a plan B, considering Orcel was up for a promotion to become the president for Europe. Christian Meissner, head of global investment banking, is now taking over that job on an interim basis, according to a memo the bank sent out yesterday.
Mortgage Setback (Bloomberg)
J.P. Morgan and Bank of America are axing mortgage traders and salespeople as the mortgage-backed security market slumps.
Shutting Down (The Globe and Mail)
After failing to find a buyer, HSBC was left with no choice but to close its consumer finance business, a move that will leave at least 500 people without jobs.
Slowing the Tide (Financial Times)
After the financial crisis, Australia was a booming financial center that attracted all sorts. Not so much any more: Jobs have dried up after firms hired too many in 2010.
So You Want to Be (Mergers & Inquisitions)
A fund manager? Here's a guide to becoming a portfolio manager at a top fund.
What Not to Do (The Telegraph)
One British financial adviser was fired for berating one client for not drinking enough and calling the other one a very dirty word. We'd advise you against both.
Check Your Email (Reuters)
Goldman Sachs is going through company servers to see exactly which managing directors had the temerity to call their clients "muppets" in emails. Deleting things now probably won't help.
Buzz Around the Office
Digital Mad Men (YouTube)
Lead Don Draper to victory in Mad Men: The Game!
List of the Day: Body Cues
Your body language conveys much about you to your audience. Make sure you're sending the right signals by doing the following.
1. Sit up straight to appear powerful and in control.
2. End your sentences with a period, not a question mark.
3. Don't check your e-mail while someone is trying to talk to you.