UBS to Aim for Investment Banking in the United States Again
Published By : 08 May 2015 | Published By : QYRESEARCH
The firm UBS AG that had last time experienced a massive hurdle has pushed itself again to expand its lucrative business into the United States investment banking. The company is seeking again to build its business there and this time it is going to do so with even more modest ambitions.
During the beginning of the last year, the firm had experienced a growth of its ranks of senior investment banker in the States by around 20 to 25 per cent, as per a spokeswoman. On an average the other big firms on the Wall Street have lost their five senior bankers due to a net basis during the same period, as per the estimates that were publicly made available from the financial industry firm Options Group.
This push from the firm UBS is a result of the booming mergers and acquisitions along with the equity markets. This trend has recently become more prominent during the recent months as the hiring for senior banker from companies such as Lazard, Morgan Stanley, and Evercore Partners has begun.
Furthermore, the company UBS is less likely to attract talent from companies of that belong to the top tier and had to experience credit losses amounting more than 50 billion US dollars during the year 2008. This necessitated a rescue plan from the Swiss central bank. What followed after this incident was an ill fated deal which became a top tier player in the investment banking sector of the US, prior to the financial crisis. It also prompted the company UBS to massively altogether abandon its ambitions.
However, recent accelerating in hiring shows that the company UBS is still ambitious, and at times can be highly profitable.