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Two of UBS’ top equities traders in Australia got into a brawl on the trading floor yesterday. Apparently it was over “the handling of a line of stock during the trading session.”
The head of the institutional sales desk, George Kanaan, and executive director Mark Fitzgerald, were the culprits according to The Australian.
I love my countrymen, but I can’t say I’m surprised. Our national symbol is, after all, the “boxing kangaroo.” But, I digress.
They’ve been suspended pending a decision on whether they’ll be sacked over the fight. They were sent home as soon as the fight was broken up.
The Australian said that the fight began with a “gentle shove” but it quickly escalated until the men were pulled apart by other traders.
The men have known each other, and worked together for 15 years.
From The Australian,
The incident, which surprised onlookers, has been under investigation by the bank’s human resources department. The suspension is believed to have been put in place for a week and the pair have been interviewed by the firm.
The division is one of the bank’s most successful and most profitable, having maintained and defended its market share in light of growing competition for rivals and emerging players.
George Kanaan previously worked for JPMorgan and investment banks CSFB and BZW Australia.