Two Maquarie Group advisers have been the subject of a successful injunction application by their former employer to interdict the flow of confidential corporate information to their new employer UBS, according to the Australian Financial Review. In yet another blow to UBS Australia, the company has employed two people whose potential revenue streams and workflows appear considerably lower than first thought.

As reported in the Review, the Supreme Court of New South Wales has granted an injunction in favour of Macquarie ordering Mark Minchin and Peter Simpson to provide to Macquaries lawyers within 7 days:

‘a memores ultra travel drive, any Sony storage media device and any Kingston USB device … [as well as] any personal computer belonging to either defendant.’

In addition, both defendants have been ordered not to work at UBS on client accounts which are the subject of the dispute. This begs the question; in the midst of the same financial crisis which caused UBS to sack graduates and cancel bonuses, what will Minchin and Simpson do?  Comments, theories and gossip welcome!

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!