Reuters - UBS poaches team of 15

UBS sign

UBS has poached a U.S. team of 15 oil and gas investment bankers from Bank of Montreal, marking a shift in power in the energy banking market, according to people familiar with the matter.

Reuters reports that the moves come amid plummeting oil prices that have prompted banks to try to lure talented energy bankers with deep technical expertise to help them win new investment banking business from companies looking to shed assets.

The investment banking business in the oil and gas sector has shifted from a focus on initial public offerings when oil prices were high, to advising companies on deals to raise cash, as their earnings dwindle in a lower oil price environment.

The leader of that BMO team, Miles Redfield, is based in Houston, Texas, where he will remain as he takes a senior role at UBS while continuing to lead that team, the people added.

To access the complete Reuters article hit the link below:

UBS poaches Bank of Montreal oil banking team - sources

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