UBS is wasting no time in looking for a replacement for Oswald Gruebel, the firm's chief executive who said he would step down last weekend in response to the unauthorized trading scandal that has rocked the firm and resulted in a $2.3 billion loss. UBS has engaged international executive search firm Egon Zehnder International to look for a permanent replacement, a person familiar with the matter told The Wall Street Journal.
Egon Zehnder has already been in touch with Bill Winters, a former co-chief executive of JPMorgan's investment bank. Winters was dismissed from that position by Chief Executive Jamie Dimon in the summer of 2009, during a shake-up of top management. Winters had wanted to succeed Dimon as CEO, the Journal reported, and left the company instead of taking a lower-profile role.
The discussions with Winters are preliminary, a person familiar with the matter told the Journal.
Winters is no doubt an appealing choice for UBS given his recent activity: He's been based in London as a member of a government-appointed commission, extending advice on how to reform the British banking system.
While his risk management skills are probably attractive, the firm also has a strong candidate in Sergio Ermotti, who was appointed interim CEO after Gruebel stepped down. Ermotti had been head of business in Europe, the Middle East and Africa.
The search could end by Spring 2012.
Compliance Needed (FINS)
As private equity firms try to meet a new deadline for registering with the SEC, they're hiring compliance officers to help. Hundreds of firms still need to register, which means compliance professionals are a hot commodity until at least March.
Heading East (CNBC)
Need a job in wealth management? Try Singapore. The nation-state is going to surpass both Hong Kong and Switzerland as the world's financial center, according to a recent report.
New CEO (Bloomberg)
Boston-based money manager Acadian Asset Management LLC has appointed a new chief executive. Churchill G. Franklin (we're guessing his middle name is Grover or Gerald?) will take over for Ronald Frashure when he retires in early 2013.
Global Opportunities (DealBook)
Dealmaking activity is hot in emerging markets, so it's no surprise that private-equity firms and investment bankers are heading to Uganda, Chile and Malaysia. If you've got a yen for travel, moving around the globe could advance your career.
National Crisis (Bloomberg)
No, not another hurricane. Federal Reserve Chairman Ben Bernanke announced that the high unemployment rate is a "national crisis." Does invoking that language mean the government actually has to do something about it?
Most Powerful Women (Fortune)
It's no surprise that the heads of Kraft and PepsiCo took spots on Fortune's annual most powerful women in business list. Abigail Johnson of Fidelity Investments and Susan Wagner of BlackRock also made the list. (Wagner was 26 when she co-founded the firm. Yes, we feel inadequate, too.)
College Hiring (NACE)
A new survey from the National Association of Colleges and Employers finds that employers plan to hire 9.5% more graduates from the class of 2012 than they did from the class of 2011. Business, engineering and tech-related majors are most in demand.
Buzz Around the Office
It's the 90s! (Vimeo)
Long live Generation Y!
List of the Day: Four Signs of a Job Posting Scam
With so many job sites out there, it's easy for scammers to act as employers in order to get your personal information. Here are some of the warning signs:
1. The job posting contains no details
2. The job requires you to invest
3. The job does not show up elsewhere in an online search
(Source: AOL Jobs)