UBS Hires Merrill Lynch and Goldman Sachs Bankers

UBS is ramping up its Investment Banking unit with new hires from Morgan Stanley and Goldman Sachs. Writes Bloomberg:

The hires include Dimitri Psyllidis, formerly at Merrill, who joined Zurich-based UBS to head foreign exchange and rates trading globally, according to a memo sent to staff yesterday. He will report to Carsten Kengeter and Jeffrey Mayer. Bobby Gerjarusak joined in Hong Kong from Goldman Sachs to run fixed- income, currency and commodities structuring in Asia-Pacific.

How convenient and timely.
We learn just today, that the DoJ and UBS/CH have reached a deal ready to be signed. However, so far not much is known (to us mere mortals) about the actual contents of the deal.

According to other sources the hiring market for Quants has also thawed. It seems that banks believe that another round of this bullshit is coming and they want to be in a position to profit from it (it being even more fraudulent securitization).

I’ll just lean back, get some popcorn and watch the coming train wreck 2.0 from afar. It will be an even bigger mess, that’s certain.

Good luck.