UBS Vows to Pay Up to Rebuild Australia Team After Raid
This content was published on March 15, 2021 - 21:47
March 15, 2021 - 21:47
(Bloomberg) UBS Group AG has vowed to pay up for top talent to rebuild its team in Australia following a poaching spree from upstart rivals in the country where the Swiss bank has dominated deals in recent decades.
The Australian business, consistently one of the best performers for the bank globally, has been under pressure in recent months as former executives heading up new rivals lure staff with big payouts.
Still, Anthony Sweetman, co-chief executive officer of Australasia, says UBS remains an attractive employer. The bank has made more than 10 new senior hires in recent months.
UBS âwill rebuildâ after Barrenjoey Bloody Monday
Mar 15, 2021 â 4.21pm
Save
Share
UBS has pledged to rebuild its research and investment banking team after a âBloody Mondayâ raid on its top analysts and traders by local upstart Barrenjoey which is run by a group of former executives from the Swiss bank.
The Australian Financial Reviewâs Street Talk column revealed yesterday morning that UBS was told of a first wave of resignations, following the landing of deferred cash bonuses.
Among those defecting were top-rated analysts Jon Mott who covers banking and Glyn Lawcock who covers mining, and their junior partners, Dan Morgan and Minh Pham, gaming and transport analyst Matt Ryan, small caps specialist Josh Kannourakis, associate director of research Craig Stafford, and retail and consumer goods analyst Aryan Norozi.