UBS's new EMEA trading head said to be subject of bidding war
After UBS cut 10,000 jobs and retreated from fixed income sales and trading in 2012, the Swiss bank is less frequently spied putting itself about in the fixed income jobs market.
After last year's bumper harvest for macro traders, this may have changed. There are (unconfirmed rumours) that Jonas Klink, UBS's new head of European government bond, sovereigns, supranationals and agencies (SSA), was hired on a very generous package following a bidding war with a US bank. A bidding war that UBS clearly won.
UBS declined to comment on "pay-based rumors" and Klink didn't respond to our query. Market sources claim that he was highly valued at Citi, where was head of covereds, SSA's and rates illiquids trading, and say that when he resigned to join UBS three months ago he was counter-offered by Citi before UBS came in with a new and higher offer. That new offer was thought to be well above $1m and possibly as high as $2m.
Given that Citigroup global banking and markets paid its senior people an average of $1.48m the last time we looked and that UBS pays its very highest earners $2.2m, this is perhaps unsurprising. However, it's also a sign that UBS is serious about its fixed income sales and trading business and is willing to go head-to-head with big US houses when it really likes someone. Global Capital suggests the bank is adding "seasoned professionals" to its macro team, so there may be more big hires to come.
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