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Breakingviews: UBS' dealmaker quest

Wednesday, September 03, 2014 - 03:37

Jeffrey Goldfarb and Antony Currie discuss why new UBS investment banking boss Ros Stephenson could be the one person on Wall Street hiring with any gusto.

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-- street senior investment bank has happened. I'm not much of a choice of -- -- wet -- look for -- you'd jump but. There is -- apparently a need -- a -- all plays even for them to try and rose Stephenson who until recently was chairman of some banking it this is just starting this week -- this month. At UBS a firm which has had a lot of problems that us isn't she is being given a mandate to me. How this thing up so yeah I mean they've been hit really hard to over the last 657 years they've lost on the bankers. Particularly in North America. You know stretching back in 2007 Campbell who was there you know primary regulator Wentz are his own firm. Against senator view. You know for at CBS and then since then there's been other factors that pushed all the scandals the stock price went senate. It is so one nice thing he has I think it's frame and then the other thing is you know which will affect this whole notion of what -- Stephenson has. To work with in terms of trying to -- bankers. As I did you know there under Swiss regulator right though. They've had to implement much stricter. Compensation rule on terms of bonuses if -- lets you -- that anymore. Do that referrals -- longer using this contingent capital which is a little weird thing. So that part of it is not going to be that Israel is. I'm gonna be very I mean I can solicit us to be is gonna like -- get my statement Big -- silicon reading you know an annual statement from one of the firms on coverage yes exactly yeah so it they've got to cut with a lap on the other hand she is at least looking to since both -- -- you US numbers on what they've gotten it on the managing directors they have an investment banking under pricing yet -- in having eyes now less than fifty. -- gather data I've visited visited the main folks had to decline covering. It out as of other stuff and in products that guarantee job is whenever but. I mean it in the in the main client coverages where you'd expect a lot of the new business to be coming in. On the slip down under fifty. The idea is to probably get that hopefully double -- -- next -- three to five years you know it's a lot of hiring for Wall Street where we haven't seen a lot of movement. On the big reasons -- some ridiculous fees yet. Emergencies of the possible news they more confident lost a lot of sit there and even worse on the equity -- -- capital markets. You know you've had his resurgence of IPOs. You know yet how that's to protect his franchise. And they've you know and -- really slipped really badly and it was an accident because that is the site came up with saying -- this that the wealth management yeah parents have slowed it -- so there's two things -- IPO agreement to stop with the media. You've basically got passes through that that was like a multiplier effect because. -- not only affects if equities traders but also they have a huge brokerage operations for -- business. About cam which is just been you know which is a huge place to to move that product through and so. You know getting those IPOs getting that he businesses really -- you know of really important thing for UBS. Why they wanna kind of move back in the not gonna go the other one final when I guess on this is they're not. Looking to go gangbusters on the -- on an up. Hiring -- is completely ramp up for the sake of ramping up they are really focused. On the do very well in Europe and financial institutions in the energy sector. It's probably where you'll see them try and only in -- be all things to people as it once -- -- to -- yeah. Thanks that -- so again rose Stevenson as the -- net to contact if you wanna. And managing director's job almost treat. I'm will be back it will bring these --

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Breakingviews: UBS' dealmaker quest

Wednesday, September 03, 2014 - 03:37