UBS may be in the process of making 10,000 redundancies in two years, but this doesn’t mean that it’s also averse to a bit of hiring. Under Andrea Orcel, the fawn-skinned, bright-eyed M&A banker who joined as CEO last year, UBS has made little secret of its urge to increase IBD revenues. Now, it seems that Orcel is putting his money where his mouth is.
In the latest of a succession of senior appointments in America, Bloomberg reports that UBS has hired 46 year old Steve Pierson from Credit Suisse as ‘global head of financial technology and services and co-head of the financial institutions group for the Americas.’ Pierson is unlikely to be the last of Orcel’s U.S. uptake: Steve Cummings, head of UBS’s U.S. business, said the bank also plans to recruit senior Americas bankers to cover financial services (FIG), energy and Latin America. FIG is a big priority for the bank, said Cummings: unlike FICC, it fits with Orcel’s plan for the future.
Separately, James McMurdo from Goldman Sachs’ London office has demonstrated the art of migrating to a small pond. McMurdo, who was merely head of the EMEA financial sponsors group at Goldman, is migrating to Deutsche Bank’s Australian office. There, he will be chief executive of Deutsche’s entire Australian and New Zealand business. With promotions harder to come by in London, McMurdo may be onto something: if you want to be a bigger fish, try a smaller tank.
Barclays hires all-singing all-dancing top auto salesman/researcher from Credit Suisse. (Financial News)
Hedge fund Cantab partners has created a new position of COO. (FinAlternatives)
Career advice from the professional Citigroup sisterhood. (WomenandCo)
Goldman MD gives banal interview about getting a technology job at the firm. (Business Insider)
28,000 Italians applied for 200 jobs in Ikea. (Guardian)