UBS Quietly Hiring Senior Investment Bankers in the U.S.

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Coming off a strong second quarter, UBS is investing some of its hard-earned cash in something it’s been ridding itself of for two years: talent. The Swiss bank has made a few big-name hires in the Americas, and said it will continue to add senior U.S. posts even as it reduces global headcount.

UBS hired investment banker Steve Pierson, formerly of Credit Suisse, as global head of financial technology and services and co-head of the financial institutions group for the Americas. Pierson is at least the third senior financial-services banker hired by UBS Americas group in recent months, according to Bloomberg.

The bank also recently poached senior people from Barclays and Deutsche Bank. Steve Cummings, head of Americas investment banking at UBS, told Bloomberg that Pierson likely won’t be the last such hire.

There’s good reason for UBS to be adding investment banking talent in the Americas. The global division posted an $833 million pre-tax profit in Q2, swinging from a $99 million loss a year ago, buoyed heavily by its Americas unit.

While the hiring news is refreshing, UBS staffers in other divisions and locales shouldn’t feel too comfortable. The bank cut headcount by nearly 3,000 in the last 12 months, meaning it still has plenty of cuts to make before reaching its goal of reducing its workforce by 10,000 over the next few years.

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List of the Day: Quitting Etiquette

One important way to keep your reputation intact is by quitting the right way. That means offering full notice and giving your company a roadmap to succeed without you. Here’s how.

  1. Create cheat sheets for your replacement.
  2. Connect your company with your most important contacts.
  3. Ask all your co-workers if they have any questions.

(Source: The Daily Muse)

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