After two big sessions in the main conference, it was time to retire to the exhibit hall and see some other stuff, so I spent the afternoon networking, which is what SIBOS is all about.
First, was a short break in the innotribe where Allevo and a few other folks presented ideas about future economic models.
Then it was off to the exhibit hall as it was just after two o’clock and I knew the drinkies were appearing, although I’m not too sure that the lady coming out of the toilets was too impressed with the empty glasses being carried by my waiter.
No worries, you can always go to the beer festival being run by SAP who, as a company with German origins, felt that SIBOS could break with its tradition of serving champagne and wine from nine by serving beer for cheer.
The only thing that was a little incongruous with their German beerfest was the idea of German beerfest wenches being a little bit Japanese …
… although I’m not complaining.
Then it was off to the Oracle booth, who had teamed up with one of my favourite publications the Asian Banker to deliver the 2012 Awards to banks in Asia based upon their strength in each country.
Strength is measured by stress testing the banks for not only their capital base but also their customer base, and editor-in-chief Emmanuel Daniel did a fine job, awarding the top prize of strongest bank in Asia to Standard Chartered Hong Kong.
Strangely this was on the same day as StanChart announced their results, which were ok. Strangely not so ok were UBS’s results, which showed that the investment bank has been a huge drag on the business.
That’s been the case for a couple of years now and, as a result, the relatively new management team of CEO Ermotti and Head of the Investment Bank Orcel did a hatchet job and announced 10,000 job cuts, effectively closing down the investment bank.
Not surprisingly, the UBS guys gathered at their SIBOS stand in sombre mood to reflect on so many friends and colleagues leaving.
Anyways, off to dinners and parties now so no doubt more to tell tomorrow.
And if you meet a UBS guy, tell them their future is with USB or something like that.
TTFN (ta-ta for now) …