迎战美国

Even as rivals cut back, UBS is spending lavishly to build a U.S. investment banking powerhouse. Will it break into the bulge bracket?

By Jenny Anderson
June 2001
亚博赞助欧冠机构投资者杂志

就在竞争对手削减开支之际，瑞银仍在大手大脚地投资建设一家美国投行巨头。它会冲进膨胀支架吗？或者它的计划比瑞士奶酪包含更多的洞？

The U.S. Securities and Exchange Commission's new Regulation FD forbidding selective disclosure of sensitive company information has made many chief executives guarded about what they say and to whom. But Luqman Arnold, who heads Swiss banking giant UBS, can seem more circumspect than most.

去年9月，当阿诺德担任瑞银首席财务官时，他从苏黎世飞往纽约，在华尔道夫阿斯托里亚酒店向瑞银的美国员工发表讲话。瑞银正处于收购PaineWeber的边缘——该交易已于三个月前宣布，将于11月结束。阿诺德的使命：用他对这家美国经纪公司将如何帮助实现瑞银全球宏伟目标的愿景来激励高级员工。

Arnold, however, began his remarks not with an uplifting story or a self-effacing joke but with a formal disclaimer that sounded something like this: This presentation contains statements that constitute forward-looking statements, including, without limitation, statements relating to the implementation of strategic initiatives.

A legal disclaimer at a conference of institutional investors, fine; at a conclave of Wall Street analysts, sure; but at a motivational gathering of your own employees? Odd.

“我的律师让我这样做，”恳求阿诺德。

当然，极度谨慎一直是瑞士资深银行家的标志。因此，51岁的阿诺德正在主持瑞银为其投资银行部门瑞银华宝（ubswarburg）制定异常大胆的计划，这一事实就更加引人注目了。尽管如此，瑞银仍执意打造一家美国投行巨头，以补充瑞银在欧洲和亚洲更为成熟的企业融资业务。坦率地说，瑞银（UBS）的目标是将自己提升到全球投行的顶级行列，方法是收购美国的大型银行，这是少数几家顶级银行。

"We have a decent position in the second tier," says the British-born Arnold, who succeeded Marcel Ospel as president of the group executive board, effectively CEO, in April, having joined the bank barely five years ago. "Now we want to take it to the top five. We are a top global firm today without being top five in the U.S., but we would be the dominant global firm if we were also in the top five in the U.S."

Can UBS do it? The evidence, starting with the numerous previous failed attempts by well-backed firms - including UBS's predecessors - to storm the U.S. investment banking barricades, suggests that its quest is quixotic. Still, if UBS fails, it won't be for lack of money, effort or what they call in New York (if not in Zurich) chutzpah. And its battle campaign says something about how much more competitive the already fiercely competitive world of U.S. investment banking, dominated by Morgan Stanley, Goldman, Sachs & Co. and Merrill Lynch & Co., has become.

瑞银（UBS）在一个关键方面的偶然时刻开始了自己的使命。即使是知名的银行家也愿意在这种贫瘠和不安的环境中倾听报价。在整个华尔街，随着科技股暴跌后市场的低迷，公司似乎都在试图在裁员方面超越其他公司。摩根士丹利（Morgan Stanley）将解雇1500名银行家，其中包括150名投资银行家，高盛（Goldman Sachs）将裁员12%。

UBS Warburg, by contrast, has embarked on a hiring binge, adding high-profile, high-priced bankers in a sweeping buildup of its U.S. corporate finance presence. Since the start of 2000, the investment bank has increased its complement of staffers in U.S. equity and debt sales, and trading and support from 820 to 1,275. More significantly, and expensively, it has pumped up its ranks of corporate finance professionals by 60 percent, from 400 to 650 today. What's more, the bank's approach has evolved from a tentative one of targeting specialties such as health care to a brasher one of growing across the whole range of industry sectors.

UBS Warburg's deep pockets have caused rivals to gasp, when they're not sneering. The munificence began back in 1999, when the bank wooed health care banking star Benjamin Lorello for $70 million guaranteed for three years to bring his 25-person team over from Salomon Smith Barney. It was an opportunistic hire, and UBS did little more until late 2000. Then last fall, in a coup, UBS landed a new head of investment banking: Donaldson, Lufkin & Jenrette junk bond banker Kenneth Moelis, for a purported $20 million per year for three years. Such a number hasn't been seen since, well, the last time Credit Suisse First Boston tech banking star Frank Quattrone switched firms.

今年早些时候,在加入瑞银华宝Moelis opened a hiring hall, adding 70 bankers in just three months - some in wholesale lots. Among the recruits: the head of media banking from Morgan Stanley, the co-head of European M&A from CSFB and high-profile hires from Salomon Smith Barney's industrial banking group.

“这是一个抓住市场份额并扩大企业足迹的一近十年的机会，”Moelis的老板约翰哥斯州（John Costas）争夺了瑞银武术总裁兼COO的大部分支票。

底层是前首席执行官奥斯克的Brainchild，他们通过1998年的瑞士银行公司的合并创建了当前的UBS，他跑了，以及瑞士的旧联盟银行。OSPEL最近加强了UBS的监事会主席，但在图片设计战略中仍然非常依赖，而Arnold则将杠杆拉动执行。“Marcel的一个有远见”，解释了一个顶级UBS Warburg经理。“他一直是一个强大的司机。Luqman将成为一个没有无意义的家伙，具有良好的细节。”

事实上，阿诺德可能缺乏魅力的欧洲奥斯特的愿景和交易技能，但围岩银行家以他的立即指挥而闻名的复杂科目。英国父亲和印度母亲的儿子，阿诺德于1972年毕业于伦敦大学，在那里学习经济学。1973年，他在达拉斯的第一个国家银行闯入了银行。四年后，他搬到了亚洲和伦敦之间跳跃的制造商汉诺威公司。1983年，他加入了CSFB的投资银行集团，在那里他继续在未来七年内制作伦敦亚洲赛道。经过休假和一场稳定的武装巴西巴里巴斯的资本市场的努力，1996年，他向亚太行动主席担任SBC Warburg的方式。在上升到Warburg Dillon的首席运营官之后，他于1999年成为瑞银的首席财务官，在帮助OSPEL管理银行大规模重组方面发挥关键作用。

Most observers expect Ospel to continue to shape and drive UBS's ambition to create a truly global investment bank, while Arnold serves as the hands-on manager of UBS's three distinct and independent operating groups: UBS Switzerland, which houses private banking and retail and corporate client services; UBS Asset Management; and UBS Warburg, which includes the investment banking and securities business, the private equity group UBS Capital and UBS PaineWebber.

瑞银目前美国战略的目标很简单。这家瑞士银行希望拥有一家投资银行特许经营权，与它在私人银行业务（私人银行业务）和资产管理（资产管理业务）中享有的影响力和世界级声誉相同。瑞银知道，要做到这一点，它需要在美国取得顶级地位，过去三年，美国银行业的费用占全球银行业费用的一半。

这种远大抱负背后有一个非常实际的理由：很少有行业领袖或分析师认为，只有少数几家公司（从4家到6家中挑选一个数字）能够赚到足够的钱来证明，经营一家在多个市场提供丰富产品的全球企业所需的庞大的人力和技术基础设施是合理的。

美林欧洲银行业分析师阿德里安·皮尔兹（Adrian Pilz）押韵地说：“他们想成为生存的前五名。”排名前五的公司将能够发行全球80%的证券，他们将能够对这些证券进行定位、研究，并以三种主要货币进行交易。”

瑞银（UBS）的阿诺德（Arnold）很清楚地说明了这一点：“进入美国市场前五名的利润要高得多。市场份额是盈利的主要驱动力。”

然而获得entrae精英并非易事,佛r UBS Warburg or for other contenders. History weighs against it. Success in the U.S. has always proved elusive for UBS and its predecessor firms for a host of reasons, ranging from cultural incompatibility to upheaval from other acquisitions to the lack of a long-term commitment. As late as 1999, say sources, UBS discussed selling its investment banking arm, then known as Warburg Dillon Read, to J.P. Morgan. But the talks fell apart over what role UBS would play. Spending $12.5 billion for PaineWebber putatively attests to UBS's desire for a significant and lasting U.S. presence.

But UBS Warburg still has a long way to go to catch the market leaders. In this painfully dry season for investment banks, the firm ranks ninth as of late May with a 4.4 percent market share in combined U.S. equity and debt underwriting, according to Thomson Financial Securities Data. That's up from tenth and 3.3 percent in 2000. But the rise owes as much to the disappearance of DLJ and the old J.P. Morgan as distinct entities from the underwriting tables as it does to any deal-making heroics by UBS Warburg. (The firm hasn't finished higher than ninth in the combined category in any of the past five years.) By comparison, the top five firms routinely control about 60 percent of the market by volume.

今年迄今为止，瑞银华宝的最高交易是它与戈德曼Sachs的共同牵头，5月份为英国沃达丰集团提供了35亿欧元（51亿美元）的全球股票发行，展示了其在欧洲的地位。在市场动荡的情况下，这笔资金必须在不到48小时内筹集到位。这对两家公司来说都是一场精彩的演出。

在欧洲大陆和英国，瑞银在第一季度五个最大的欧洲交易中获得了四个咨询职位，其中包括安联204亿美元收购德累斯顿银行和必和必拓280亿美元收购澳大利亚矿业公司Beltn.它在第一季度的欧洲跨国并购中排名第二，高于2000年底的第三位。在美国，从去年同期的第九位上升到第一季度的第五位。

投资银行业老总莫利斯和他的一批昂贵的交易撮合者似乎已经开始派息了。当法国餐饮公司Sodexo Alliance收购了瑞银华宝（UBS Warburg）尚未拥有的52%股权时，他们为食品服务公司Sodexo Marriott services赢得了首席顾问职位。这笔价值19.8亿美元的交易产生了约800万美元的费用（足够支付莫里斯近5个月的赔偿金）。瑞银华宝（UBS Warburg）还就重组事宜为陷入困境的美国服装制造商华纳科集团（Warnaco Group）提供咨询。上个月，这家投资银行率先为卫星电视广播公司EchoStar Communications Corp.收购了一家价值10亿美元的可兑换公司，后者可能会用这笔收益打乱鲁珀特·默多克（Rupert Murdoch）收购休斯电子公司（Hughes Electronics Corp.）的交易。

But the competition UBS Warburg faces is tougher than ever. Just a few years ago, analysts thought that perhaps ten banks might survive to have genuine - and profitable - global banking capabilities. Now there are only about that many left competing; one after another has succumbed to consolidation or simple exhaustion. But even before the market downturn, most observers had concluded that only five or so could flourish.

假设摩根士丹利（Morgan Stanley）、高盛（Goldman Sachs）和美林（Merrill Lynch）（美高梅因其明星实力而被昵称为美高梅）能够保住自己的榜首位置，即便是两年前的情况也不再如此。这只留下了两三个空缺，而这些有抱负的人是全能的，雄心勃勃的。去年CSFB收购了DLJ，大通曼哈顿公司（Chase Manhattan Corp.）与摩根大通（J.P.Morgan）合并，创建了更强大的公司。此外，花旗集团（Citigroup）日益咄咄逼人的所罗门美邦（Salomon Smith Barney）、德意志银行（Deutsche Bank）、美国银行（Bank of America），当然还有瑞银（UBS）。尽管面临着大多数不利因素，但规模明显较小但正在复苏的雷曼兄弟（Lehman Brothers）在欧洲扩张的同时，仍顽强地保持着美国顶级排名。

“如果瑞银华宝希望在目标利基市场实现盈利，他们绝对可以这样做，”美国银行证券（bankofamericasecurities）并购主管、瑞银证券（UBS Securities）前并购主管斯特凡•塞利格（Stefan Selig）表示如果他们花钱的目的是想在美国成为一家规模庞大的公司，那么他们将是第一家实现这一目标的外资银行。”

Sanford C.Bernstein&Co.欧洲银行业分析师Evangelos Kavouriadis补充道，“也许他们会成为一个利基市场参与者，但如果没有收购，他们就不会是一个大的市场。”

瑞银华宝（UBS Warburg）独自跻身榜首的可能性令人望而生畏。一家接一家的公司尝试过，但失败了。德意志银行（Deutsche Bank）在上世纪90年代中期展开了一项重大努力，斥资引进了科技领域的银行家berbanker Quattrone，最终放弃了独行侠的做法，收购了银行家信托公司（Bankers Trust Corp.）。该行仍在努力。J、 在与大通合并之前，摩根大通花费了数十亿美元和十几年的时间，试图强行挤进庞大的市场，但都是徒劳的。桑福德•威尔的史密斯•巴尼•希尔森（Smith Barney Shearson）带来了合并传奇人物、前摩根士丹利（Morgan Stanley）总裁罗伯特•格林希尔（Robert Greenhill），但仍未能找到进入这家“膨胀型”俱乐部的大门。收购所罗门兄弟（Salomon Brothers）和与花旗集团（Citigroup）的合并，才使该公司的运营达到了今天的水平——在摩根士丹利（Morgan Stanley）、高盛（Goldman）和美林（Merrill）之后的两个位子中争抢一个。

UBS Warburg faces special obstacles. Timing is one. Although weak markets mean plenty of bankers to hire, they also mean little profitable business for those bankers to do. U.S. equity issues were down 57 percent through May compared with the same period in 2000. IPOs were off 64 percent, and M&A had dropped by 56 percent. And even after all of its recruiting, UBS Warburg remains a welterweight, with little more than 650 bankers. By comparison, Morgan Stanley has just about double that number, and CSFB's banker contingent is more than twice as big. Moreover, UBS Warburg lacks the strong customer base and brand recognition of many of its rivals.

然而，瑞银华宝的优势在于其母公司的规模、坚定的决心以及奥斯佩尔灌输的适应文化。他先是在瑞士银行（Swiss Bank Corp.）工作，后来又在瑞银（UBS）工作，寻找有才华的人才，然后让他亚慱体育app怎么下载们有真正完成工作的自由。这听起来像是从公司招聘手册中摘抄出来的，但他的做法标志着与大多数瑞士银行沉稳而控制的管理风格不同。

Now Ospel is determined, wisely, to make sure that UBS Warburg's U.S. operation has a distinctly local cast to it. "The combination with PaineWebber and the hiring of talent will have an impact on the culture of the investment bank and will make it more American, which we think is a very good thing," he says. "They will enjoy the level of autonomy that they need to operate successfully."

苏黎世必须提供的不仅仅是一条长长的皮带。但无论如何，瑞银华宝的母行都是一家强大的企业。瑞银在50个国家设有办事处，其庞大的私人客户业务管理着1.4万亿美元的资产（是所有私人银行家中管理资产最多的），市值650亿美元，在全球范围内，瑞银无疑是一支不可忽视的力量。去年该行盈利78亿瑞士法郎（46.2亿美元），比1999年增长了27%。第一季度利润下滑29%，至15.8亿瑞士法郎。投资银行业务占营业利润的比重很大，第一季度为60%，2000年全年为47%。它的相对优势来自于资产管理和私人银行业务的持续下滑，这是1998年瑞士联合银行（Union Bank of Switzerland）与瑞士银行合并的结果。

An April meeting of the UBS board affirmed the bank's primary commitment to regaining the momentum it has lost in private banking. Given how central private banking is to UBS, this is as unsurprising as De Beers proclaiming that it will continue to concentrate on increasing diamond sales. "Private banking will be subject to the same concentration and competition as other areas of financial services," points out Arnold. "In this game UBS is the best-positioned bank in the world. Most importantly, our focus on this sector is the absolute core objective on a global scale."

但瑞银的第二要务——建立美国企业融资业务——支持其第一要务。”阿诺德解释说：“如果你今天试图在没有一家成熟的内部投资银行的帮助下经营这家私人银行，你将处于极大的劣势。”我们所有的竞争对手都拥有内部投资银行业务，我们绝对必须拥有这一点。”

UBS's record as a builder is mixed.

尽管该行的全球业务规模令人印象深刻，但要达到今天的水平，该行必须经历的过程充满了困难。多年来，瑞士银行（Swiss Bank Corp.）和瑞士联合银行（Union Bank of Switzerland）都曾试图走出银行过剩的本土市场，但在美国市场都没有太大成功。

瑞士股东维权人士马丁•埃布纳（martinebner）因利润率低、改革步伐缓慢而一直困扰着老瑞银，瑞银的增长依赖于其庞大的私人客户群。瑞银的竞争对手瑞士信贷（creditsuisse）将自己视为一家总部设在瑞士的全球银行，而瑞银则坚定地将自己留在瑞士的上游。上世纪90年代初，它对雷曼兄弟（Lehman Brothers）进行了漫长而艰难的考察，但却选择专注于在美国雇佣个人银行家或团队。它通常向那些通常不是超级明星的银行家提供巨星薪酬和担保。

较小但更具侵略性的SBC倾向于收购，纳入专业知识和才能，即它缺乏并打开它所购买的公司的文化。亚慱体育app怎么下载没有收购例证了这一比ospel的第一个：1990年购买基于芝加哥的衍生品商店O'Connor＆Associates，建立了SBC的交易和风险管理能力。1995年，六人执行局的六位高管中有两名高管是O'Connor的美国人，包括David Solo，在成为瑞银的首席风险官员和Andy Siciliano之前读到Warburg Dillon的David Solo，他是罗伊斯的首席利率官员在Warburg Dillon阅读。

索洛说：“奥斯佩尔对有新技能的新人非常开放，给了他们很大的权威。”。

由于欧洲共同体倡议，欧洲随后经历重大改制，SBC选择关注家庭。It saw the possibility of leapfrogging the competition as there was no clear pan-European leader in investment banking and the market was not as saturated and hypercompetitive as in the U.S. In 1995 SBC bought S.G. Warburg, which was reeling from a planned December 1994 merger with Morgan Stanley that had abruptly collapsed. SBC got a marquee name to try to expand its corporate finance business; Warburg acquired a balance sheet and trading capabilities.

“在90年代上半年，我们经历了一个过程，‘我们应该在美国收购，还是在欧洲收购？’奥斯佩尔说我们选择了欧洲，这可能是一个更容易的举措——考虑到欧洲股权结构的变化，成本肯定会大大降低。从战略上讲，我们这样做是合理的——这对我们的股东来说风险较小。从事后来看，你可能会有不同的判断。我们没有。”

The SBC-Warburg combination didn't do much to advance the bank's efforts in the U.S. At its peak Warburg had about 630 people in the U.S., but no real business. "We had a realistic view of where we could win and where we couldn't," says Solo. "In assessing North American M&A and primary equities, we asked, If we spent $100 million for five years, could we be as good as Salomon? It would take a miraculous performance, and we would not want to be in the position of Salomon in those markets anyway."

但另一种对欧洲的押注并没有按计划顺利进行。戈德曼、摩根、斯坦利和美林开始收获多年建立英国和欧洲大陆的利益，从欧洲企业手中抢占市场份额，对美国银行的技术实力和进取心毫无准备。瑞银华宝（UBS Warburg）从1996年的欧洲并购第一名跌至1997年的第二名，1998年跌至第六名。那一年，瑞银在欧洲股市中排名第五，在欧洲债务中排名第一（自1996年以来，瑞银只跌出过一次，跌至第二）。2000年，该指数在股市中跌至第十位，但在今年第一季度回升至第二位。

"Until about three years ago, Warburg was the dominant European franchise," says London-based UBS Warburg CEO Markus Granziol. "It slowly lost against Goldman and Morgan Stanley even though it still had a great franchise."

In the U.S. Ospel opted for a compromise between acquisition and organic growth: He bought Dillon, Read & Co., a modest if pedigreed bank whose best years were behind it. Once run by former U.S. Treasury secretary Nicholas Brady, Dillon Read was an old-style bank best known for its role advising RJR Nabisco in its historic 1988 leveraged buyout, at $25 billion then the largest ever. But as a platform to build on, Dillon Read was shaky, and the building project would be halted anyway because three months later Ospel announced the $25 billion merger with UBS.

"We had more aspirations for Dillon Read than could materialize," admits Ospel. "We underestimated the difficulty of bringing together two investment banks across the Atlantic."

SBC-UBS交易于1997年底宣布于1997年底，并于1998年间关闭，并具有简单的理由：SBC需要资金来利用其交易和企业融资能力。UBS - 面对股东对专有的交易损失生气，并在私人银行业务中的市场份额下降 - 需要一个生命线。

它被称为平等的合并，但事实证明并非如此。瑞银保留了它的首字母（瑞士联合银行（Union Bank of Switzerland）被砍掉了），但没有其他名字。SBC的标志、管理和文化胜出。这一点在美国最为明显，华宝•狄龙（Warburg Dillon Read）的银行家们呆在原地，而瑞银证券（UBS Securities）的银行家们则逃离了这里。当亚慱体育app怎么下载年春天，银行家们喜欢开玩笑的两次游行是：圣帕特里克节的游行和瑞银证券（UBS Securities）破产的游行。（瑞银获得了一个不讨人喜欢的绰号“你被耍了。”）

当对冲基金长期资本管理（Long-Term Capital Management）破产，瑞银华宝（UBS Warburg）在1998年亏损7.152亿美元时，这两家公司的整合情况已经够糟糕了。瑞士联合银行（unionbankofswitzerland）与LTCM合作伙伴达成了一项复杂的衍生品交易，但事与愿违。瑞银董事长马蒂斯·卡比亚拉维塔（Mathis Cabialavetta）辞职，同时辞职的还有瑞银首席风险官沃伯格·狄龙·里德（Warburg Dillon Read）的联席首席运营官和首席利率官西西里诺（Siciliano）。

“长期资本管理问题是奥斯佩尔职业生涯中最糟糕的事件之一；首先，他看起来像是与瑞银（UBS）就非常有利的合并进行谈判的天才，然后突然间，瑞银（UBS）发现自己面临一系列灾难，”一位瑞银（UBS）前经理表示。

不久之后，据报道，奥斯佩尔开始在华堡狄龙里德附近购物，但显然改变了主意。1999年1月，奥斯佩尔与员工举行了一次问答会议，以解决长期资本管理公司破产和银行未来发展方向的问题。在会议期间，奥斯佩尔说，他不会出售瑞银的投资银行业务。会议记录在案，并发给了世界各地的员工沃伯格·狄龙·里德将继续在支持我们的资产收集任务中发挥关键作用。”。

这是3月下旬的一个星期四晚上，距离杜克大学和亚利桑那大学将参加美国大学篮球锦标赛只有几天的时间，瑞银华宝已经从纽约希尔顿的股票团队中召集了数百人，开始了进军篮球界的活动。当晚的主题与篮球锦标赛相呼应，是“通往四强之路”

这是一次典型的银行聚会，冗长的励志演讲，许多都夹杂着对篮球的老生常谈。银行家们想兴奋起来，但他们感到无聊和飘忽不定。直到肯·莫利斯跳上舞台。他个子矮，和蔼可亲，精力充沛，流露出自信和兴奋。他是得奖的新兵，一个要带瑞银沃伯格进入决赛的孩子。

Moelis came on board just a month earlier, and he's pumped for action. Already he's hired a handful of name bankers and won a mandate to underwrite a $150 million junk deal for piano maker Steinway & Sons. Suddenly, it's as if the bankers are inside the Minneapolis Metrodome, the venue of the tournament finals.

在播放一段精彩的篮球视频时，莫里斯展示了他将瑞银华堡打造成一个强国的愿景，他变得近乎救世主。他断言，他本可以在其他地方赚更多的钱（这引起了银行家们的注意！）但他选亚慱体育app择了瑞银华宝。为什么？

"We're not here to make money," he proclaims. "We're here to make history."

瑞银华宝（UBS Warburg）在美国赚的钱少，历史也少，但如果它现在要在每一个方面都做一点的话，那将取决于42岁的资深垃圾债券银行家莫利斯（Moelis），他曾在迈克尔•米尔肯（Michael Milken）位于加州比佛利山的Drexel Burnham Lambert办公室的X形交易台上切齿，1990年离职前，将DLJ的垃圾业务打造成一个行业强国。1990年，DLJ在高收益率承销方面排名第五，1995年达到第一，1999年一直保持这一位置。今年春天，莫利斯离开瑞士银行（UBS）前往华宝银行（Warburg），当时他是CSFB美洲投资银行业务联席主管。他将继续在瑞银华宝的两个海岸工作。

A natural leader, with an easy laugh, Moelis must help transform UBS Warburg from a slow, hierarchical monolith to a flatly organized, fast and aggressive U.S. investment bank. More than anything, he has to get rid of the idea that dogs UBS Warburg and other firms affiliated with commercial banks: that they just represent "dumb capital."

“我们将竞争速度和服务，”Moelis说。“DLJ没有资产负债表，但我们有速度。我们可以快速答复客户。”

作为一个完美的推销员，莫里斯带来了一大批忠诚的、引人注目的客户，以及一系列大型、复杂的交易记录，例如Allied Waste Industries在1999年斥资100亿美元收购了Browning Ferris Industries。

一位知名客户、房地产金融家塞缪尔•泽尔（samuelzell）表示：“他明白，游戏正在完成一些事情。”。另一个说，“他的客户都不会想到不先打电话给肯就做交易。”

莫里斯以使他周围的人feel smart, funny and insightful. Each year he organizes an outing for his clients - who include Zell, telecom carrier Global Crossing chairman Gary Winnick, investor Carl Icahn and Hilton Hotels Corp. CEO Stephen Bollenbach - to Pebble Beach for golf and entertainment. One year he invited the U.S. national women's soccer team and organized a game between the CEOs and the women. Another year it was the women's national softball team. Last year Moelis rented Italian fighter jets and let his clients go up for practice dogfights.

希尔顿酒店首席财务官马修•哈特（Matthew Hart）是莫里斯的长期客户，他说：“他很有创造力，在身边很有趣，他知道钱在哪里，他是否在车库里工作并不重要。如果我们得到我们想要的执行力，我们会为我们的股东争取最好的交易。现在还需要观察的是，瑞士的小伙子们是否会给予他已经习惯的支持。”

莫利斯则在被问及公司事务时提出异议。”他说：“我不是天生的管理大师。”我想成为一个交易撮合者。”

Under Costas, UBS Warburg had begun ramping up its U.S. efforts even before Moelis came on board. A veteran of CSFB who joined the old UBS in 1996 and soon after was promoted to head of fixed income, Costas oversaw the building up of capital markets and selectively added strength in corporate finance. But his focus was buying PaineWebber - an idea he had presented to the UBS board a few years earlier.

除了增加分销之外，收购PaineWebber并没有直接为投资银行业带来任何好处，但这家零售经纪公司带来了其他优势：特别是一大批研究分析师。在PaineWebber的基础上，瑞银华宝（UBS Warburg）将其美国研究部门的人员增加了近75%，至157名分析师。Costas预计，明年的研究将进一步增长10%至15%。随着PaineWeber的加入，Costas再次将目光转向了企业融资。CSFB和DLJ以及摩根大通和大通的合并创造了一批新的人才，而市场的低迷使得其他公司更愿意听取其他公司的提议。

雇用莫里斯标志着战略的转变：该行现在将追逐3A银行家。莫利斯立即开始了招募工作。他聘请摩根士丹利媒体银行家杰弗里•辛（Jeffrey Sine）担任技术、媒体和电信银行业务全球主管以及企业融资集团（corporate finance group）副主席。据消息人士估计，此举将使摩根士丹利每年损失800万至1000万美元，担保期为三年。在华尔街勒紧裤腰带之际，瑞银奇瑞（UBS cherry）挑选了所罗门史密斯巴尼（Salomon Smith Barney）的基础产业银行家杰弗里麦克德莫特（Jeffrey McDermott）和CSFB欧洲并购联席主管詹姆斯内萨（James Neissa）（他与理查德莱曼（Richard Leaman）一起担任瑞银华宝（UBS Warburg）并购联席主管）。

In March Moelis brought in Thomas Benninger, CSFB's head of corporate debt restructuring. A month later UBS hired away the rest of the CSFB team - eight bankers in all. Sources estimate that UBS Warburg is paying up to double the typical peak-cycle premium for talent, including generous guarantees. That fact has not been lost on its existing bankers. "I know they're getting paid more than I am," mutters one UBS Warburg banker. Costas says that fewer than 10 percent of the bankers hired have guarantees.

He and the rest of UBS Warburg management stress repeatedly the importance of having the right talent in place. Asked what makes an investment bank great, Ospel doesn't skip a beat. "People," he says. Adds UBS Warburg CEO Granziol: "It's not about the mass of employees. It's about quality, top-quality bankers."

但即便是在增持过程中，瑞银华宝（ubswarburg）仍在削减其企业融资集团约7%的股份。这家银行的目标是保持“人数中立”——雇佣一名，解雇一名——这样银行家的人数将保持在650人左右。瑞银华宝（UBS-Warburg）的经理们表示，随着业务的增长，他们将招聘更多员工。

UBS Warburg的野心延伸到董事会以及全球各地。它渴望在未来三到五年内的每个主要企业融资类别中排名前四五。“我想将目前的市场份额从我们全球范围内的那里加倍，”格雷斯·斯坦斯，最直接被指控执行该任务。他估计，瑞银瓦斯堡现在拥有大约3.7％的全球企业融资费，而高盛和摩根斯坦利每组7％至8.5％。

目前，UBS Warburg收入由销售和交易为主。在全球范围内，大约75％到80％来自机构客户，与企业客户的20％至25％。其中一半来自并购。“文化为中亚慱体育app怎么下载心，”Moelis说。“股票统治”。但是，如果拜托，乌斯沃斯堡可以以某种方式实现其雄心，这将从Costas的说法将从美国公司金融业务的收入增加到15亿美元。

The field of battle that UBS Warburg has chosen for itself is extraordinarily rugged. Not only is there less high-margin M&A and equity business to go around because of the weak markets, but the terrain has shifted. Traditional commercial banks enjoy some profound - but only now fully appreciated - advantages over their more traditional investment bank rivals. Chiefly, these consist of the sheer size of their balance sheets and their experience in wielding them, particularly in extending credit to companies. Investment banks with commercial banks for parents have been known to tie corporate loans on favorable terms to getting underwriting and M&A mandates, not unlike auto salesmen offering cheap credit to clinch car deals.

瑞银当然有充足的资产负债表，而且它本身并不厌恶信贷风险。不过，瑞银在发放贷款以支持其投行业务方面非常谨慎，尽管瑞银华宝确实参与了卡夫食品（Kraft Foods）的IPO，部分原因无疑是瑞银向卡夫母公司菲利普莫里斯（Philip Morris Cos）提供了大量贷款阿诺德说：“我们从来没有看到过一个信用得到回报的循环。”这通常是一个糟糕的生意。”

As he sees it, "there are two fundamentally different models [for a big bank like UBS]. In the universal bank model, you have to like credit, which we do not, and you need to like retail, which outside of Switzerland we do not. We are not a universal bank, and we have no intention of becoming one." Nevertheless, UBS will readily enough make loans in connection with deals when those loans make sense on their own merits, irrespective of the deals. That gives UBS Warburg bankers at least some leeway to leverage the bank's immense balance sheet to pursue deals. "With underwriting risk, we will take it, and we will end up with it because clients like us to be committed. But we want it to be as liquid as possible," says Arnold.

够了吗？如果马塞尔·奥斯佩尔（Marcel Ospel）和卢克曼·阿诺德（Luqman Arnold）真的很认真地想进入bulge bracket，或许他们的银行家们应该最积极地追求的交易就是收购一家现有的bulge bracket公司。

洛杉矶机密

A few days before Thanksgiving, Kenneth Moelis called a meeting in the 130-person Los Angeles office of Credit Suisse First Boston. The popular head of corporate finance and junk bond rainmaker stunned the investment bankers by telling them that he was joining UBS Warburg. But Moelis couldn't say any more, because his contract barred him from soliciting any of his former colleagues for three months after he left.

然而，没有合同条款规定瑞银华宝总裁科斯塔斯不能招募莫里斯的老帮派。因此，下周科斯塔斯和一队银行家飞往洛杉矶，在街对面开店。大约在这个时候，《华尔街日报》刊登了一则引人入胜的广告：瑞银华宝（UBS Warburg）表示，正在包括洛杉矶在内的部分城市招聘银行家，并给出了800个数字。

CSFB很快就知道发生了什么事。由CSFB投资银行联席主管查尔斯·沃德（Charles Ward）和托尼·詹姆斯（Tony James）率领的一支高级银行家队伍抵达洛杉矶，正好赶上办公室圣诞派对。在那里，他们试图说服银行家们，CSFB才是最佳选择。”一位年轻的与会者说：“这真的很感人。”。

CSFB高层提供的不仅仅是鼓励的话语。几位资深银行家被吸引留下来，享受着别致的新头衔和优厚的薪酬待遇。当瑞银华宝（UBS Warburg）向初级员工提供签约奖金时，CSFB在周日午夜召开紧急会议，公布所有第一年分析师的特别奖金。

金尘尚未完全尘埃落定，但瑞银华宝（UBS Warburg）在48小时内收购了33名银行家。”我已经找到了资本主义的中心，”一位资深银行家表示。