Wednesday, May 31, 2023

Exclusive: Barclays TMT investment manager leaves for UBS

NEW YORK (Reuters) – At least seven top investment banking managers in technology, media and telecommunications (TMT) at Barclays Plc have resigned in recent days to join UBS Group AG in the United States, with the case According to people in the know.

The changes come on top of a trio of US investment bankers from Barclays that UBS hired last month. They point out how UBS is strengthening its talent pool in the US, even as it is about to inherit Credit Suisse Group AG’s investment banking group following a Swiss state-orchestrated takeover in March. Many Credit Suisse bankers operate in the United States.

The sources said UBS hired Lawrence Brahm, Richard Hardgree, Richard Casavecchia, Ozzie Ramos, Jason Williams, Neil Mayer and Ken Tittle from Barclays. These bankers are following the path of former Barclays heads Marco Valla, Jeff Hinton and Kurt Anthony, whose signings at UBS were announced in April.

The sources requested anonymity to discuss confidential personnel matters. Barclays did not immediately respond to a request for comment, while UBS declined to comment.

UBS and Credit Suisse, neighbors in their hometown of Zurich, have been competing for decades in mergers and initial public offerings around the world. Multiple sources told Reuters last month that UBS plans to retain only a small number of senior bankers from Credit Suisse who have strong client relationships.

Credit Suisse plans to spin off its investment banking operations into a separate business under veteran Michael Klein. That plan was vetoed after UBS bailed out its Swiss competitor.

At Barclays, Brahms was president of global technology investment banking, while Hardgree served as vice president and head of technology mergers and acquisitions. The two worked on some of the tech industry’s biggest deals, including chipmaker Broadcom Inc’s $61 billion deal to buy enterprise software maker VMware Inc in 2022.

Casavecchia was the World President of Banking at Barclays. Ramos was the vice president and was responsible for communications, cable and satellite. Williams was the CEO of Mayer & Tittle Investment Banking Group.

Nation World News Desk
Nation World News Desk
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