(Bloomberg) -- UBS AG, Switzerlands biggest bank, hired Ros Stephenson from Barclays Plc to be global chairman of corporate client solutions, reporting to Andrea Orcel, the investment banks chief.
Stephenson, based in New York, will join the executive committees of the investment bank and the Americas starting in September, according to a statement from the Zurich-based company today. She joined Barclays when the London-based bank acquired the U.S. operations of Lehman Brothers Holdings Inc., where she helped start the financial sponsors group, which advised private-equity firms such as KKR & Co.
Stephenson is the latest senior manager to leave Barclays as Chief Executive Officer Antony Jenkins reshapes the investment bank amid pressure to cut costs and boost profit. Her departure follows that of Hugh Skip McGee, one of the most senior dealmakers to join Barclays when it acquired Lehman in 2008, who stepped down as CEO of the Americas division at the end of April, and Robert Morrice, the Asia-Pacific chairman and CEO who is retiring after 17 years.
We have seen Barclays lose a number of senior and high- profile professionals this week, said Christopher Wheeler, a banking analyst at Mediobanca SpA. It implies some major changes at next weeks strategy update. While this will please the market, only time will tell what the collateral damage is to the revenue line.
Other Barclays executives to leave include Hans-Joerg Rudloff, who retired as investment-banking chairman in February. Larry Wieseneck, co-head of securities, is leaving at the end of June.
Some of the people that weve seen leaving is surprising, Edward Firth, an analyst at Macquarie Group Ltd. said by telephone. Its also understandable given the recent restructuring news.
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