UBS's Credit Suisse research hires include some expensive names
As we have written here, a lot, UBS hasn't seemed all that interested in Credit Suisse equities people, particularly researchers - whom it has been culling from its own ranks as well as those of Credit Suisse. And yet, some of those it has hired have been Credit Suisse's longest serving and highest paid people.
UBS isn't commenting, but its Credit Suisse research recruits are understood to include the likes of Richard Kersley, Credit Suisse's head of research product management, and Haley Tam, a diversified financials analyst.
They are interesting choices. Kersley was one of Credit Suisse's longest serving and most veteran employees. She joined in 1986, and worked for BZW until Credit Suisse acquired it in 1997. She's rumoured to be among the beneficiaries of a generous BZW defined benefit pension scheme, although the extent of that scheme's generosity is open to question given that future benefit accruals were closed back in 2004.
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Tam, by comparison, had only been at Credit Suisse for a mere four years but was understood to have been one of the bank's highest paid researchers by virtue of allegedly resigning to rejoin Citi (which she worked for previously) in late 2021 and being bought back by Credit Suisse (which had previously hired her from Citi on a large package) before she joined.
Neither Tam nor Credit Suisse/UBS have verified this claim, but multiple sources say the buyback occurred and that Tam was one of Credit Suisse's highest paid researchers as a result. Unfortunately, though, it's likely that much of the buyback was in the form of Credit Suisse stock and AT1 bonds, and is now worth far less than anticipated. Although Tam is now happily employed at UBS, she may therefore have been better joining Citi instead.
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