A very long time in the past, within the carefree days of late 2019, UBS quietly knowledgeable a few of its senior funding bankers that it now not had any want of their companies. Six months later, it appears a few of them have formally left and at the moment are completely free brokers.
They embody Man Stevens, the previous head of UBS’s monetary establishments group (FIG) within the UK, central and Jap Europe, the Center East and Africa.
After an extended discover interval, Stevens left UBS this month in keeping with his up to date LinkedIn profile. Insiders say he was considered one of round 24 folks lower on the finish of final yr. Most of these cuts hit equities professionals on the Swiss bank, however Stevens and one other member of the FIG group – Luis García-Royo Díaz – are additionally understood to have been affected. Neither man responded to an try to contact them on LinkedIn.
Stevens joined UBS from Rothschild in 2010; García-Royo Díaz joined from Bank of America in 2013. Each males labored with Andrea Orcel, who was a colleague of Royo Díaz at Bank of America. Orcel himself left in 2018 in a failed try to develop into CEO of Santander. Regardless of strategies that he was pondering of turning into CEO of HSBC, he stays out of the market.
Headhunters say UBS’s FIG managing administrators (MDs) are unlikely to stroll into new jobs simply. “There’s some pleasure round monetary sponsors, however in company M&A there’s actually nothing occurring,” says one, who means that hiring will solely actually decide up on the finish of the summer season.
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