UBS hired bank takeover specialists Tannon Krumpelman and Doug Simons as the firm rebuilds its financial-services practice to cope with a prolonged dealmaking slump in that industry.
Bloomberg News reports that Krumpelman joins UBS from Goldman Sachs and Simons comes to the firm from Credit Suisse, according to Greg Kennedy and Steve Pierson, co-heads of UBS’s financial-services group for the Americas. Krumpelman and Simons are managing directors.
The hires are part of a broader overhaul of UBS’s investment bank, which exited most of its fixed-income trading to boost profits. UBS recruited Kennedy and Pierson, who previously worked together at Credit Suisse, to oversee a makeover of its financial-services coverage out of New York. In the past year, the group has cut more than 20 junior people and replaced about half of its dozen senior bankers.
In the meantime, Bloomberg also reports that Goldman Sachs, which generated one-third of its profit from trading last year, is restarting Middle East and North Africa equity sales in Dubai, according to two people familiar with the matter.
Goldman is joining banks from Renaissance Capital to Arqaam Capital in expanding coverage in the Middle East and Africa as local markets rally and economic growth surges. Dubai’s benchmark index has advanced the most among 50 of the world’s largest equity gauges this year with a gain of 23% as the United Arab Emirates’ real-estate and banking industries recover from a property crash.
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