On October 30th 2012, UBS announced its intention of cutting 10,000 jobs over the next three years, most of them in its investment bank and predominantly in fixed income – excluding foreign exchange and precious metals. Within a few hours, the pubs around Broadgate Circus, where UBS’s offices are situated in London, were filled with disgruntled UBS fixed income salespeople and traders who’d arrived for work and found their passes were invalid.
Three months later, some of those people have found new positions.
“The more junior UBS people have found new roles most easily,” said Charles Avis, a former J.P. Morgan trader and founder of fixed income search boutique i-Search. “For the senior people, it’s proving much harder.”
Few banks have broadcast their recruitment of UBS’s fixed income professionals. However, the Financial Services Authority’s Register of Individuals and jobs site LinkedIn reveal that at least 10 have found new roles elsewhere in the City.
At least two ex-UBS fixed income professionals have been picked up by Mizuho International. Mizuho has hired both Mark Wheatcroft, the former head of EMEA debt syndicate at UBS and Antonio Belgioioso, a former interest rate and government bonds trader at UBS. Headhunters say Mizuho has also hired Patrick Holt, a former fixed income salesman at UBS, although the Japanese bank did not return a call to confirm this.
Separately, Sabri Larbri, a former associate director in emerging markets sales at UBS has joined Goldman Sachs on the emerging markets hedge fund desk. Headhunters say Goldman has also hired Cenk Roso, another member of UBS’s emerging markets team, although he has yet to join and Goldman was unable to confirm this.
Despite making cuts from its own fixed income business, Morgan Stanley has also picked up fixed income professionals from UBS. The US bank has hired Deborah Danon, a former member of UBS’s emerging markets team. Bank of America has also hired Daniel Kovach, an executive director in the emerging markets team at UBS as a director in its own emerging markets sales team. It’s has also hired Ewa Mahon, previously a junior fixed income trader at UBS.
Citi has hired Jakub Kaplan, a junior exotic rates trader at UBS. Kaplan joined the US bank as an interest rate options trader in November 2012. And Stormharbour, the independent global markets firm, has hired Anish Popat, a former West European sovereign CDS trader at the Swiss bank.
The head of one fixed income boutique, who placed several of UBS’s fixed income professionals in new roles and spoke on condition of anonymity, said some of them had multiple offers from different banks. “Some of these people are really good. They’ve been interviewed by anywhere between six and ten houses on the street and had a number of offers.”
However, the head of fixed income recruitment at one European bank in the City, told us she had not hired anyone from UBS and was avoiding rates traders from the bank in particular. “We’re very cautious about interviewing anyone coming out of firms which have been implicated in Libor,” she said. Last December, UBS was fined £160m by the FSA, CHF59m by Finma and $1.2bn by the US Department of Justice for manipulating Libor between 2006 and 2009.