Not all UBS fixed income bankers are finding new jobs at new banks like Mizuho, Citi and Stormharbour. Some are going on to completely different careers. One has even become a headhunter.
Josh Gonnella, former global co-head of interest rate sales at UBS in Stamford, has joined international headhunting firm Omerta Group as head of the Americas business, with a mandate to expand Omerta across the North American and Latin American markets. "Josh's sell side experience and extensive relationship network will be invaluable across the firm," said Omerta managing director Jason Mort.
Gonella hasn't worked in headhunting before. Prior to joining UBS in 2009, he worked for Deutsche Bank in New York and London and was Deutsche's European head of rates sales.
Rates businesses had a strong year in 2012, but Deutsche Bank is predicting that rates revenues will fall as much as 50% in 2013. It seems that Gonnella thought headhunting was a better bet.