UBS hires traders from rivals, DB hires strategy


UBS Financial Services has added more than 400 brokers to its 8,000-strong network in the past few months, insiders say.

The moves have enraged rivals, who claim the Swiss group’s big pay offers have triggered a costly price war for brokers when most banks, including UBS, are struggling to cope with losses.

Merrill Lynch is believed to have lost more than 100 brokers to the group.

UBS denies it pays over the odds for brokers. “We have no interest in running a business that can only hire talent by being the high bid,” wrote Marten Hoekstra, US head of wealth management, in an internal memo.

Documents seen by the FT show that UBS offered brokers at a rival firm compensation of about 260 per cent of the previous year’s profits to switch over.

People close to UBS confirmed the offers were made late last year but said the packages were in the range of 200-220 per cent.

 

 

via FT.com / Companies / Banks – UBS arm seeks to lure US brokers from rivals.

The earlier stories on Deutsche and Lehman can be reached by going to the home page of the blog as they imediately precede the UBS story

https://benschilibowl.wordpress.com/2009/02/04/deutsche-tries-bofa-weak-links-to-fill-strategic-gaps/

https://benschilibowl.wordpress.com/2009/02/03/lehman-holding-employment-3/

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About zyakaira

Investment Banker, 40s, Bangalore This Biopic and this web recreates how one point of view, one person can impact a tremendous economic engine that the world thrives and mis-thrives on. This one has the knowledge and the civil sense , the art of conversation and some good writing to mentor others as powerful and help global managers develop and fine tune their approach on US markets, China, India and the world. Read on here, and let me know what you need. It can be a race for TRPs, a race for new markets and a race to do what is right. I have the pulse of the crisis, the recovery and the market direction and can help you build and refine your strategy as i have helped thousands of managers and multiple global corporations. Of course, it’s more fun if you talk to me. I am in favor of leading this moving of the economic crisis and will partner with you in a soft and subtle way, just the way we both ride to the top. But you can write with us, opine and just reply with aplomb and shine on Twitter , 4 square , Facebook and any other social “choupal” of choice via zyaadakairaada Profile & Portfolio - SocialPicks Different flavours at: http://benchilibowl.wordpress.com http://zyaada.mp

Posted on February 9, 2009, in Bank Stocks, Financial Markets, Global, Meltdown, TARP, US and tagged , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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