More Barclays Bankers Decamp for UBS
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For the second time in weeks, Barclays bankers are leaving for UBS. Six investment bankers in the US are on the move.
UBS appears to have found rich poaching grounds at Barclays, as it is hiring half a dozen investment bankers specializing in technology, media, and telecom companies, citing sources familiar.
According to the sources, Richard Hardegree, Laurence Braham, Ozzie Ramos, Richard Casavechia, Neil Meyer, Jason Williams, and Ken Tittle are those departing for UBS locations in New York, San Francisco, and Chicago.
The recent departures follow three more in April, when it was announced Marco Valla, Jeff Hinton, and Kurt Anthony are joining the UBS banking team in New York, with Valla appointed co-head of global banking alongside Javier Oficialdegui.
Although UBS wants to reduce its investment banking to 25 percent or less of risk-weighted assets as part of its new structure with the merger with Credit Suisse, it wants to stay active in certain sectors. The recent hires appear to confirm that.
Neither bank commented to Bloomberg about the departures, first reported by Reuters.
Questions & Answers
Q.Which specific sectors does UBS aim to remain active in despite its broader reduction in investment banking?
Which specific sectors does UBS aim to remain active in despite its broader reduction in investment banking?
UBS intends to stay active in certain sectors, and the recent hires confirm its focus on technology, media, and telecom companies. This aligns with its goal to reduce investment banking to 25 percent or less of risk-weighted assets.
Q.How many Barclays bankers have left for UBS in total across recent departures mentioned?
How many Barclays bankers have left for UBS in total across recent departures mentioned?
A total of nine Barclays bankers have reportedly left for UBS. Six investment bankers in the US are moving, following three more departures announced in April, bringing the total number of recent decampments to nine.
Q.Where will the recently departed Barclays bankers be located when they join UBS?
Where will the recently departed Barclays bankers be located when they join UBS?
The recently departed Barclays bankers will be joining UBS locations in New York, San Francisco, and Chicago. Marco Valla, Jeff Hinton, and Kurt Anthony are specifically joining the UBS banking team in New York.
Q.What role has Marco Valla been appointed to at UBS following his move?
What role has Marco Valla been appointed to at UBS following his move?
Following his move, Marco Valla has been appointed as co-head of global banking at UBS. He will share this leadership position with Javier Oficialdegui, as part of the new banking team structure.
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