Three energy investment bankers have left UBS in London, a source familiar with the matter said on Monday, while Deutsche Bank said it had hired two of their US colleagues.
The moves are the latest in a string of departures from UBS as it aims to shrink its investment bank, slash costs and redeploy capital in light of sluggish markets.
David Waring, UBS’s head of energy investment banking for Europe, the Middle East and Africa, left last week, as did two other London bankers, one a managing director, the source said. Waring had joined in 2005 from Deutsche Bank.
Following Waring’s departure, sector coverage will be led by Stephen Paine, UBS’s London-based global head of infrastructure, and Houston-based Stephen Trauber, the bank’s global head of energy.
In the United States, former UBS bankers Dan Ward and Sten Gustafson will join Deutsche Bank as managing directors reporting to Michael Hill and Alan Brown, the bank’s global co-heads of natural resources.
Ward, based in New York, will join as head of energy for the Americas. Gustafson will develop Deutsche’s global oilfield services practice from Houston.
Several other senior UBS bankers have resigned in recent months, including head of Asia-Pacific investment banking Rob Rankin, global head of credit derivatives Keith Grimaldi and European mergers and acquisitions (M&A) veteran Tom Cooper.
A spokesman for UBS in New York declined to comment.
(Reporting by Quentin Webb in LONDON and Michael Erman in NEW YORK; Editing by David Cowell)
Source: Thomson Merger News