UBS ducks are following their leaders.
Since Ren Wang left UBS to become Asia president at Jefferies, at least seven Hong Kong UBSers have joined the mid-tier firm. Ronald Tam and Dai Qiang, executive directors at UBS, have become managing directors and will begin work in the first half of December.
Tam may lead Asia corporate finance, while five other executives will assume roles from senior vice president to analyst. Jefferies' team in Hong Kong will now total 12 and will focus on Chinese capital markets and the leveraged finance business.
While Jefferies has come under fire in recent weeks for its purported exposure to European debt, in Asia the bank is expanding its investment bank and equity business. The firm isn't expecting to hire as robustly as it had during the past couple years, but it will still make "selected hires" in those divisions, officials said last quarter.
Moving On (FINS)
MF Global's broker-dealer has completed its lease negotiations and is moving to the Financial District in Manhattan. Employees will move to the less luxurious digs later this week.
Meet the Winners (Financial News)
Here's a comprehensive guide to Goldman's newly named managing directors. They include rocket scientists and dragon boat racers.
New Overseer (DealBook)
Former FBI director Louis J. Freeh was asked to oversee the unwinding of MF Global's parent company. His work will be separate from James Giddens, who's overseeing the liquidation of MF Global's broker-dealer.
Expanding in Equities (Financial News)
Will this be the key to taxpayer-owned Royal Bank of Scotland's turnaround? The firm is hiring to expand in equities and electronic execution.
Up for Discussion (Real Time Economics)
Now that both Congress and the super-committee have failed in their mandates to cut the deficit, jobless Americans may not continue to get unemployment benefits after mid-February.
Take Care of Yourself (Bloomberg)
Employees at Spain's Banco Santander SA better stop taking their clients out for steak dinners. About half the middle-aged staff showed signs for early-stage cardiovascular disease.
Battle of the Egos (NYT)
Corporate raider Carl Icahn and hedge fund darling Bill Ackman fought for years in court over a few million dollars. Here are details of their duel.
Lying on the Job (CNBC)
Lying at a job interview? Quelle horreur! But yes, there are some situations where white lies are perfectly harmless, like if you're asked where you want to be in five years and what your greatest weakness is.
Buzz Around the Office
Elderly people can enjoy Pop Rocks too.
List of the Day: Starting a New Job
There's traditionally a lot of hopping between firms toward the end of the year and the beginning of the new. When starting a new gig, keep these tips in mind.
1. Don't be a know-it-all.
2. Don't tout your accomplishments obnoxiously.
3. Don't be too proud to ask for help when you're settling in.
(Source: On Careers)