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Tom De Martini
Officials at UBS Warburg were red-faced last week, as a majority of the company's 12,000 global workforce failed to pass a three-hour Internet test.
UBS Warburg, which is the investment banking arm of UBS AG and the third largest in Europe, saw 70% of its employees fail to obtain a passing score. Employees were queried on such topics as what is a wide-area network (WAN) and why dot.com companies have carried such high equity values with little earnings to go on.
Traders at the firm said the exam was so difficult that cheat sheets were being developed, which still didn't prevent some from failing. Those employees who did not pass the exam were given seven hours of printed material and instruction on using the Internet as a business tool.
UBS Warburg is attempting to educate its workforce in e-commerce, as it wants to garner a greater share of global merger and acqusition business. The institution handled $1.9 trillion in the first half of this year, primarily focused on telecommunications, technology and media.
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