What would you guys say are CS's strongest franchises for UBS to retain in the Americas, and what specific business may be the ones referred to below?
Pretty interesting excerpt from UBS press release about the intentions of UBS from the merger: "A focused Investment Bank, remaining committed to UBS’s model; strategic Global Banking businesses to be retained"
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Integration management.
Will be the top ranked team for value creation for newt 4 years.
FSG
Think it needs an aggressive balance sheet to be successful. Don’t think that UBS will be willing to provide it. Would be interested to hear the perspectives of others.
Would be pretty unwise if they forfeit on a top franchise on the street
Definitely healthcare coverage. UBS healthcare group is absolute trash.
There is no one left at CS healthcare
True but it's still not as bad as UBS
Thoughts on capital markets? ECM specifically since CS is stronger than UBS in that regard.
ubs is known to follow a strong equity-linked investment banking model—ECM may be a good area to strengthen in NY
Real estate?
Their self-restructuring division is best on the street today
GIG
They've retained the most seniors out of any coverage group. UBS GIG is a top group from what I've seen though
Have any retentions been given out?
Risk management
What about CS m&a team, much better than UBS’s?
what would you guys say the areas of IBCM that UBS is way better than CS in?
None outside of losing LevFin bakeoffs on a few credits which lost CS a lot of money on. All luck - UBS would have loved to have been in on Twitter or a bigger part of Citrix et al
Damn lol….
I dont think CS even knows whats being retained or not...
WSO knows…they also pro forma the strongest groups, pretty impressive
.
That was done so that UBS can speak freely on all topics they need to discuss. If CS did their reporting after UBS, UBS would have needed to tread carefully on what they say because CS info would then have been private.
Hard to see a desire to retain much. UBS did everything possible to shrink their IB - mostly keeping that which was value additive to wealth mgmt. Don’t see them reversing course now, regardless of the strength of certain groups at CS.
According to Bloomberg article on hiring 3 Barclays bankers, they're actually planning to expand in US advisory?? What a change in strategy
from the article it says that they want to expand on the size and scope of their investment banking offerings in the US(CS advisory and capital markets is stronger so i imagine that’s where the the expansion will happen)
Anything credit related: structuring, mbs, levfin, emerging markets lending
how do you guys think CS capital markets teams fit into UBS strategy in US?
Off to Santander am afraid
UBS appears to be more focused on advisory work.
UBS is betting that by beefing up its investment-banking offerings dedicated to technology entrepreneurs, it will be able to win those clients’ wealth-management business as well. Valla, who will be based in New York, most recently oversaw Barclays’s technology, media, telecommunications and consumer-retail teams globally.
“We’ve strengthened and aligned our global-banking offering closer to sectors where further wealth creation is expected, making Marco’s experience incredibly well-aligned with our global-banking strategic goals,” Karofsky said in the memo.
EM lending was let go / the few remaining placed into the resolution unit back in the Q4 2022 restructuring as far as I know
Legal / compliance division
Have been hearing rumors Tech will be retained as UBS is looking to build out their advisory business.
Don’t know about other groups but Tech accounted for 75% + of IB revenue 2020 - 2022 and have like 25 IPOs in the pipeline that were pushed back with an expectation of things ramping up Q2 2024.
Source: Worked there from 2015 - 2021. Moved onto a Special Sits HF. Still have strong ties to the franchise and good friends
The core tech team from the time period mentioned are no longer around.
Doesn’t change the fact there’s 20+ IPOs in the pipeline.
Industrials accounted for most of the revenue (because it's their biggest group personnel wise).
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