UBS: U Better Start Looking For More Health Care Bankers

by Derek Loosvelt | June 25, 2009

  • My Vault

Because nearly all of them just jumped ship to Jefferies.

In yet another blow to the Union Bank of Switzerland, a group of at least 11 managing directors and 5 executive directors in UBS's New York-based health care banking unit have left the firm, taking their dealmaking prowess across town to middle market investment bank Jefferies Group.

UBS is not happy, to say the least, and has filed suit against Jefferies for poaching the division, which Bloomberg points out (at the link above) is one of the top three health care banking units in the world, and just a few years ago brought in $1 billion in annual revenue.

If that wasn't enough sour news for the Swiss for the day, the bank will also have to contend with this (and perhaps a UBS PR rep is, as I type, already crafting some nifty response to it): a UBS private wealth client down in the Sunshine State decided, the heck with it, he'd reverse his plea and go with guilty, saying that UBS did in fact help him evade some $7 million in taxes after all.

Filed Under: Finance

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