Marco Valla, who joined from Barclays last year, is leading a new initiative and has already made at least ten subsequent hires. The team is set to be the 12th for 2022, leaving six more spots to fill. In other news, UBS has gained an activist investor, Cevian Capital, who have so far only issued friendly yet slightly concerning press releases expressing their current satisfaction.
Ardith Lindsay’s lawsuit against Citigroup continues, with Citigroup staunchly defending itself and emphasizing its improved gender representation. Lindsay claims to be receiving emails detailing inappropriate behavior towards senior female employees across the Street. Meanwhile, BNY Mellon CEO Robin Vince is urging employees to focus on client and core business activities for the last two weeks of December, a rare acknowledgment of reality from a top banker.
Crispin Odey has been removed from the approved senior managers register, but the FCA investigation into Odey Asset Management will not result in any further action or sanctions. Court documents identifying over 150 previously undisclosed associates of Jeffrey Epstein are set to be unsealed in January. Kym Armone has been profiled for her work in building Jefferies into a powerhouse in the muni bond sector, including the creation of a new type of bond to securitize states’ revenues from tobacco lawsuits.
Looking ahead to 2023, compensation committee meetings are expected to be fraught with intense political infighting due to disappointing overall revenues. The issue is how much “subsidy” from successful teams’ bonus pools will be used to supplement less successful ones. Goldman Sachs and Bank of America are considering raising compensation, while JPMorgan and Citigroup are likely to keep their overall pools flat. The market for top talent remains strong, necessitating a forward-looking compensation strategy to retain key dealmakers and meet market rates.
UBS and Credit Suisse aim to become the 6th largest bank by revenue in the Americas. This position is seen as a “sweet spot” for foreign banks, as the top five slots are typically held by domestic banks. To achieve this, UBS will need to rebuild a franchise that has declined as the bank shifted its strategy towards wealth management and Asia.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇩🇪 🇨🇭 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Robin Vince, Marco Valla, David Solomon, Kym Armone, Rob Karofsky, Ardith Lindsay, Crispin Odey |
| Companies | Bank of America, Goldman Sachs, UBS, Cevian Capital, Citigroup, Jefferies, Odey Asset Management, Barclays, JPMorgan, BNY Mellon, Credit Suisse |
| Currencies | None |
| Securities | None |
