Credit Suisse is letting people go. So too is Barclays – albeit mostly in Asia. UBS, however, is hiring.
London recruiters say UBS has been scooping up fixed income professionals from other banks. In the past two months it’s recruited from Nomura, Barclays, and Credit Suisse.
Mikael Petersen, a former Barclays director specialised in Nordic sales, joined UBS on December 9 after leaving Barclays back in August – an interval suggesting he was poached by the Swiss bank and spent five months on gardening leave.
Adam Begg, a structured product salesman, left Credit Suisse on December 15, according to the FCA Register. He joined UBS on January 5.
Ralph Boumalham, a credit trader who left Nomura in August, also turned up at UBS on December 9, according to the FCA.
While other banks are cutting costs and curbing their fixed income operations, UBS has been seizing market share. As we noted in November, its fixed income business was one of the fastest growing in the first nine months of 2015.
UBS has also, seemingly, been hiking pay. In the first nine months of 2015, it allocated $503k in compensation per head in its investment bank – 43% more than its nearest rival (Goldman Sachs). Figures may be flattered by the omission of some infrastructure staff from UBS's headcount figures, however.
Andrea Orcel, CEO of UBS's investment bank, said yesterday that his staff can expect "solid" bonuses this year.
Photo credit: NOW HIRING by ***Karen is licensed under CC BY 2.0.