UBS Group AG hired a trio of Barclays Plc bankers as the Swiss giant continues a push to expand its US investment-banking offerings.
(Bloomberg) — UBS Group AG hired a trio of Barclays Plc bankers as the Swiss giant continues a push to expand its US investment-banking offerings.
Marco Valla will join as co-head of the global-banking division globally, alongside Javier Oficialdegui, according to a memo to staff seen by Bloomberg News. He replaces Ros L’Esperance, who will create a new corporate advisory group comprised of the firm’s most-senior client-facing bankers in each region.
The move comes a month after UBS agreed to purchase Credit Suisse Group AG in a historic deal after the rival almost collapsed. UBS has said it sees value in combining Credit Suisse’s investment-banking offerings with the firm’s global-banking division, especially in the US and in the technology sector.
“The acquisition of Credit Suisse, together with our previously approved investment plans, provides us with an unparalleled opportunity to expand the size and scope of our global-banking footprint, particularly in the Americas,” Rob Karofsky, president of UBS’s investment bank, said in a memo to staff. “I am convinced that Marco, Javier and Ros will partner successfully to take our global-banking business to the next level.”
A spokeswoman for UBS confirmed the contents of the memo. Jeff Hinton, who was most recently co-head of the Americas mergers-and-acquisitions business at Barclays, and Kurt Anthony, a managing director in Barclays’s consumer-retail group, also will join UBS, according to the memo.
UBS is betting that by beefing up its investment-banking offerings dedicated to technology entrepreneurs, it will be able to win those clients’ wealth-management business as well. Valla, who will be based in New York, most recently oversaw Barclays’s technology, media, telecommunications and consumer-retail teams globally.
“We’ve strengthened and aligned our global-banking offering closer to sectors where further wealth creation is expected, making Marco’s experience incredibly well-aligned with our global-banking strategic goals,” Karofsky said in the memo.
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