The same Australian UBS employees left smarting from the news that not only did they miss out on their hard-earned bonuses, but that graduates were given a whopping $30,000 as a settlement for the termination of their graduate

employment, must now be riddled with anger at the latest revelation. The most recent twist in this tortuous saga is the news, reported by a Firm Spy, that one prospective graduate originally deferred his position with UBS, due to commence in March 2008 but deferred until March 2009, under ‘the guise of travelling for a year’.

In fact, the graduate took immediate office at tangential corporate compeitor McKinsey, where he still works. The Firm Spy is informed that the graduate’s intention was:

‘to inform UBS in the immediate prelude to the commencement of his deferred graduate position at UBS that he would be declining to take the position.’

Yet, in an arresting bout of serendipity, the McKinsey Miser decided ‘he wanted hold off until the last moment to see if the global financial crisis threatened his position at McKinsey.’  Ultimately it did not, but the grad was nevertheless paid the same $30,000 settlement that other sacked graduates received ‘for the termination of a job he never wanted nor intended to fill.’

Looks like the GFC is A-OK for some, but not for empty-pocketed UBS investment bankers. Do you know anyone who has been burned? Send us your news and views!