UBS investment banking unit - 6 out, 7 in

Sunset in Tokyo, Japan

Six UBS bankers left the investment banking unit in Japan, said two people familiar with the situation, and the firm hired seven people for equities in the world’s best-performing major stock market.

The investment bankers - four managing directors and two executive directors - left the Japan unit this week, said the people, who asked not to be identified.

Seven were hired for Japan equity sales and trading, according to an internal memo obtained by Bloomberg News.

Jason Kendy, a Tokyo-based spokesman for UBS, confirmed the contents of the document.

The bankers who left covered telecommunications, media and technology, consumer and financial institutions as well as equity capital markets and merger advisory businesses, the people said.

The firm’s reduced headcount in Japan investment banking comes before Goldman Sachs Group Inc.’s Junya Nishiwaki joins the firm on August 23rd as a managing director and head of the corporate client solutions division. Nishiwaki, a graduate from the University of Cambridge, will oversee business including advising on mergers and acquisitions.

Hit the link below to access the complete Bloomberg article:

Six UBS Japan Bankers Said to Leave as 7 Hired for Equities

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