A longtime investment banker at Well Fargo Securities has popped up at UBS. Stephen Gerson started at UBS in New York last month as a managing director.
Gerson has a long history of covering the financial technologies sector – something he’ll continue to do at UBS, including providing M&A, corporate advisory and capital raising services. He came over to Wells Fargo Securities in interesting fashion back in 2011. Gerson took a role at Citadel Investment Group after the hedge fund giant tried to launch an investment bank following the financial crisis. Two years later, Citadel scrapped the plan altogether and sold the unit – along with Gerson and 24 other bankers – to Wells Fargo Securities.
Gerson is departing at an interesting time considering the broader issues juxtaposing the two investment banks. UBS is still reeling from the loss of investment banking chief Andrea Orcel while Wells Fargo recently predicted that investment banking revenue may more than double over the next five years, though it’s also looking for a new CEO.
During the first quarter of 2019, investment banking profit before tax at UBS fell from $221m from $619m a year ago.
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