Day traders continue to get screwed. From CNBC: Schonfeld Group Holdings is planning on laying off a bunch of day traders soon (~50), citing the rise of high speed, computer trading. They sent everyone at the firm a really bizarre email to break the news.
Richard Leaman is leaving UBS to join Moelis & Co. as a senior banker. Read the memo sent to UBS employees after the jump.
In response to the Volcker Rule, banks are moving their prop traders to desks that trade for the banks’ clients.
Hungary named a banker the new president of the Hungarian Football Federation. Sandor Csanyi, the chairman and CEO of OTP Bank, Hungary’s largest bank, is now president.
BLIND ITEM: Some Wall Streeter (allegedly) threw a huge 4th of July party in Miami with 50 models painted to represent the 50 states this weekend. The PR release says it was an exec from Wall Street whom they don’t want to name.
The release also says someone is planning a follow-up party for this week in NYC (July 11th), only this time, the models will be painted like World Cup stars. We’re guessing it will look like this (pictured).
Kobayashi had to spend the night in jail after jumping on stage at the Coney Island hot dog eating contest this weekend.
Memo to UBS about Leaman, thanks to the Wall Street Journal:
To: All IBD employees
All IB MDs
From: Alex Wilmot-Sitwell and Carsten Kengeter
Rick has been discussing his plans with us since he handed over the running of IBD. After 18 years with the firm, he has decided to leave.
During the course of the past 15 years, Rick has held a number of senior leadership positions within IBD. Starting in the late 90s, Rick was instrumental in the build-out of the Americas franchise where he not only ran M&A for the region but also acted as lead in integrating the various acquisitions and personnel additions corresponding with the Americas build-out. In 2003, Rick became Joint Global Head of M&A. In 2005, Rick was appointed Joint Global Head of IBD, and under his joint leadership the IBD team and our client franchise reached critical mass, making significant revenue and market share gains across all industry sectors and regions and reaching a record market share in 2007. In addition to his leadership responsibilities, Rick has maintained numerous corporate relationships on behalf of UBS, particularly in the healthcare space.
On behalf of the firm, we would like to express our thanks to Rick for his contributions and wish him success with his future endeavours.