BioCentury
ARTICLE | Finance

The eagle flies on Thursday

March 9, 1998 8:00 AM UTC

Although formal completion of the SBC Warburg Dillon Read/UBS Securities merger is slated for early May, the game of musical chairs has started. Thursday will be a critical day: that's when bonus checks for 1997 performance should clear employee bank accounts at both firms. Savvy firm-hopping Wall Streeters typically wait to clean out their desks until the bonus money is in their hands.

Word on the Street is that SBC has the upper hand in the combination and that the majority of the job movers in the life science business - in both banking and equity research - will come from the UBS side. UBS sellside denizens Tim Wilson in the U.K. and Kenneth Kulju in New York are among those said to be departing, and the role of banker David MacCallum in the merged firm remains unclear...