UBS: this inclusive investment bank is on the rise with minority leadership helping to steer intiatives within the corporate culture.

Milton Irvin

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Title: Managing Director Global Head of Recruiting, Training and Development

Fixed Income Rates & Currencies--UBS Investment Bank

Description of position: Milton is responsible for the recruitment, training, placement and professional development of the candidates in the UBS graduate training program.

With the company since: January 2002

University Degrees: BA--United States Merchant Marine Academy MBA--Wharton School of Business, University of Pennsylvania

What advice would you give students of color who are considering a career in banking?

Working on Wall Street is one of the greatest jobs in the world. If you make the investment in business school, it behooves you to at least explore the world of investment banking. Sure it's very competitive, but that's the appeal--the challenge and the financial rewards that are commensurate with that. It goes without saying that you have to be confident, analytical, and have excellent interpersonal skills to succeed in this industry. So if you feel you're one of the best, try it. Visit the companies, talk with their senior executives, spend time on the trading floor, explore the possibility to see if you could have a passion for it. The business involves long hours but if you love it, it's worth it.

Why should people of color choose UBS?

UBS is exciting because it's growing which creates numerous opportunities. You can have a future. A person of color should choose UBS Investment

Bank for the same reason anyone else would, because it is on the rise. In fact, UBS was just named the Best Global Investment Bank in 2004 by Euromoney. Additionally, UBS is moving in the right direction as far as diversity goes. We're getting the message out that we're an inclusive firm. We're involved with various organizations in the community apart from our overall campus recruitment efforts. We have a global head of diversity whose mandate it is to look after all the business units worldwide to ensure this is a priority. We also have a Minority Leadership Council at UBS. This group of African-American and Hispanic leaders are role models for other people of color in the firm and drive many of the initiatives that are shaping the culture at UBS.

How is the culture of a U.S.-headquartered bank different from that of a non-U.S. headquartered bank?

I think most people will agree that some institutions are more Euro-centric while others are U.S.-centric. I see UBS as a truly global centric firm. There is an embedded notion of globality that defines the culture. The important thing is to understand a bank's philosophy, no matter where it's headquartered. From a cultural diversity standpoint, you'll have the chance to interact with people from many different countries, perhaps even live there--so you'll have a wide network. Our Chairman and CEO, John Costas, can work anywhere in the world and couldn't really tell you where his "home office" is, as he doesn't have one location.

The complexion of Wall Street has changed a great deal in recent years. What needs to be done to continue this success?

I think of it as the best of times and the worst of times. Look around the Street--four of Fortune's top five Most Powerful Black Executives work in financial services., But I worry about the pipeline--is it too barbell-shaped? Is there really a flow of minorities and women within each of the areas in banking, at every level? Do we have enough analysts, associates, directors, managing directors, etc.? I don't think we're there yet. But hopefully a pipeline is developing, and recruiting is the first step. That could lead to more competitive hiring within the industry. There aren't enough instances of people of color moving from firm to firm at a certain level. Growing this pipeline and sustaining it could be the remedy, as it would allow more mobility. That, in turn, could create more opportunities at all levels.

RELATED ARTICLE: UBS

UBS is one of the world's largest wealth managers, a premier investment bank, a key global asset manager and the market leader in Swiss retail and commercial banking.

Employees: UBS employs around 66,000 people, and has operations in 50 countries and in all major financial centers.

Programs for Minorities: Diversity is an important element of our business management at UBS. Capitalizing on the inherent creativity and innovation of a diverse workforce helps us grow our customer base.--Cultural Awareness Discussion Group--Minority Leadership Council

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Website: www.ubs.com