Credit Suisse's unwanted researchers resurface while UBS hires externally
After UBS's apparent decision that it wasn't much interested in Credit Suisse's best equities people, Credit Suisse leavers are finding jobs elsewhere. Some are turning to investor relations. At the same time, though, UBS has been shopping for new people from banks that aren't Credit Suisse.
Amy Wong, Credit Suisse's ex-head of energy research announced earlier this week that she's moving to BP as head of investor relations in London. Betty Jiang, Credit Suisse's former New York-based head of ESG research, has just moved to Barclays as a senior oil research analyst.
While Credit Suisse equities people float into new roles, UBS is adding to its own research team with external hires like Joshua Stone, who announced this week that he's joining as an executive director covering European integrated energy companies from Barclays.
UBS ranked fourth (behind BofA, BNP and JPMorgan) in this year's Institutional Investor/Extel survey, with 30 ranked teams, although none of its analysts were in the top 10 in developed Europe. Credit Suisse, which no longer exists, didn't rank at all.
In an article a few months ago, Institutional Investor itself pointed out the horrible overlaps between the Credit Suisse and UBS research teams. “It’s not often that two big banks get together where they’ve got such a large overlap,” said David Enticknap, head of Institutional Investor Research.
Enticknap predicted that UBS would cut some of its own researchers to make place for its new Credit Suisse people. In reality, it just seems to have cut the Credit Suisse people loose instead.
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