Cary Kochman, who was only promoted to global co-head of M&A in March, has now resigned to take up a senior role at Citi, joining UBS colleagues Jim Glerum and Justin Friesen, who are also understood to have resigned in the last few days. Also leaving UBS is Jason Wortendyke, head of Asian Industrials, although it is unclear at the time of writing exactly where he us heading.
Raymond McGuire, Citi's head of global banking, told The Wall Street Journal this week that the firm is 'doing well in attracting talent', and acknowledged the 'sense of urgency and level intensity' in the investment banking division which should soon start to produce results.
In the meantime, Aryeh Bourkoff, UBS's head of Americas investment banking, told Reuters: 'While we are not pleased with all the departures to date, we are taking the opportunity to make changes at a more brisk pace than we have in the past. We were in need of a lot of change, and the faster the change the better'.
UBS is thought to be in the market for about 30 global strategic hires in the investment bank this year, most of whom will be based in the US.