BofA is striking back at UBS a month after the Swiss bank poached one of their top bankers in Europe.
When news came that one of BofA’s star execs, Andrea Orcel, was leaving the firm a day before a big promotion to work at UBS last month, it was a bit of a burn.
Then yesterday, news came that BofA had hired Alex WIlmot-Sitwell, the former CEO of UBS’ investment banking division, according to the WSJ.
It’s not the first time in the last month that bankers have been coming and going from BofA to UBS, and vice versa. From the WSJ:
In the last month, the two banks also have swapped a series of well-known deal makers in London and New York. Javier Oficialdegui and James Forbes left Bank of America for UBS, while Rodney Ward, who helped UBS build its China franchise, crossed over to become chairman of Bank of America’s Asian-Pacific corporate and investment banking. Both banks also lost key people to other firms in recent weeks.
It’s not surprising these days to see high attrition at banks, but the leaving and going of bankers from two specific banks just sounds like the beginning of a cat fight.