UBS: We're doing very well in M&A, but we don't need to grow our M&A team
UBS has overtaken Goldman Sachs and Macquarie this year to clinch top spot in Australian mergers and acquisitions advisory. It has worked on $52bn of local transactions - about 42 per cent of Australia's $124bn M&A market, according to a Bloomberg report.
But despite UBS generating its best M&A figures in at least a decade, it will not be adding many M&A staff to its 160-strong headcount in Australia next year.
"However, we will continue to hire to replace people who leave, or where we have a need, but we have no plans at present to significantly boost the team in 2011," says a spokesperson for the bank.
If and when M&A vacancies do crop up next year, the Swiss bank should have no shortage of candidates to choose from.
"Even though there was a patch where the news from head office wasn't so good during the GFC, it's fair to say that UBS has bounced back very strongly in 2010 and is seen as an employer of choice by Australian investment bankers," comments Kym Woolf, senior consultant, financial services division, Porterallen.
Yet it's also worth noting Woolf's disclaimer that i-banking as an entire industry, not just UBS, has bounced back this year. "Once again, investment banking is attracting candidates because it's an excellent career path that can generate generous financial rewards," he adds.
Another recruiter agrees that international firms like UBS are still extremely appealing to candidates, particularly those who are interested in overseas work opportunities.
"It's due to the scale of the deals the international i-banks work on and the global career opportunities, which are attractive to local bankers," says David Barr, director of banking and financial services, Robert Walters.
