BY THE
STAFF
OF
VAULT ? 2004 Vault Inc.
VAULT EMPLOYER PROFILE:
UBS INVESTMENT BANK
Copyright ? 2004 by Vault Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc.
Vault, the Vault logo, and “the most trusted name in career information TM” are trademarks of Vault Inc.
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Library of Congress CIP Data is available.
ISBN 1–58131–336–5
Printed in the United States of America.
INTRODUCTION 1
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
UBS Investment Bank at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
THE SCOOP 3
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
ORGANIZATION 13
CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Major Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
VAULT NEWSWIRE 19
Select Recent Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
OUR SURVEY SAYS 31
GETTING HIRED 37
The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
Table of Contents UBS Investment Bank
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iii
ON THE JOB45
Job Descriptions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
A Day in the Life. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 FINAL ANALYSIS53 RECOMMENDED READING55
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UBS Investment Bank, formerly known as UBS Warburg, represents the investment banking operations of UBS AG, the global financial services giant with more than 65,000 employees worldwide. Like other huge banks, UBS offers a full suite of financial products and services. In addition to UBS Investment Bank, its business groups include UBS Wealth Management USA, UBS Wealth Management & Business Banking and UBS Global Asset Management.
In May 2000, UBS AG listed its shares on the New York Stock Exchange, underscoring the plans it had for expansion and acquisitions in the U.S. (At the time, UBS CEO Marcel Ospel told CNBC that the NYSE listing would enable the company to “act in the United States on the acquisition front.") The firm didn't disappoint: Soon after, UBS acquired PaineWebber for $10.8 billion and, since, the firm has been making a huge push to become a major force in U.S. Now three years old, the deal has proven successful: UBS has mostly avoided the layoffs that have plagued many of the largest American financial firms in recent years and, already a star in Europe, the firm is banging on the door of the bulge bracket in the States. The firm was named “Bank of the Year” in February 2003 by Investment Dealers' Digest. In July 2003, Euromoney named UBS the world's best bank, and in August 2003, The Wall Street Journal called UBS Investment Bank the “golden boy of banking”for gaining market share in the U.S. and making key personnel acquisitions during a tough market environment.
UBS Investment Bank
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1
Introduction
UBS Investment Bank at a Glance
? 2004 Vault Inc.
2
History
Multi–merger history
The company's story begins in 1872 with the founding of the Swiss Bank Corporation (SBC). SBC grew internationally (the London office, the bank's first outside Switzerland, opened in 1898) and, by the 1990s, had established alliances or subsidiaries in the world's major financial centers. Over the following decade, the firm became a major player in the investment banking world by purchasing the securities business of S.G. Warburg Group, a firm started in London in the 1930s by Siegmund Warburg, a German fleeing Nazi persecution. The investment banking division of the new firm was dubbed SBC Warburg, which expanded into the U.S. with its September 1997 acquisition of Dillon, Read & Co., a New York I–bank founded in 1832. The investment banking division was then named SBC Warburg Dillon Read. In June 1998, SBC merged with UBS (Union Bank of Switzerland), taking the name UBS AG. UBS had been formed in 1912 by the merger of two regional Swiss banks, the Bank of Winterthur and Toggenbirger Bank.
Early analysis of the UBS/SBC/Warburg combination wasn't favorable, and much of the criticism was directed at the integration of SBC Warburg into UBS. Profits for 1999 were lacking and critics were vocal, most notably The Economist, which called UBS “a directionless and unhappy institution."
Things picked up in 2000 when UBS reported profits of $4.8 billion, an increase of $600 million over the previous year.
New millennium, new order
In February 2000, UBS restructured into its current format, and it was then that the bank renamed its investment banking operations UBS Warburg. In May 2000, UBS began trading on the New York Stock Exchange (the first financial services firm based outside the United States to trade on the Big Board). UBS CEO Marcel Ospel told CNBC that the NYSE listing would enable the company to “act in the United States on the acquisition front."
Additionally, Ospel emphatically denied the possibility of the firm retreating from investment banking. “These rumors have absolutely no substance; to the contrary, investment banking is very important for our group, we are determined to grow it with a focus to here – North America."
UBS Investment Bank
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3
The Scoop
UBS Investment Bank
The Scoop
Thank you, PaineWebber
The initial focus of UBS Warburg's expansion plans turned out to be
PaineWebber. In July 2000, UBS announced it was acquiring the
121–year–old investment bank for $10.8 billion in cash and stock. The
purchase connected PaineWebber's considerable U.S. retail presence (the firm
was the nation's fourth–largest broker at the time of the deal) with UBS
Warburg's growing banking practice. Acquiring PaineWebber added more
than 8,000 brokers and 2.7 million clients to the UBS portfolio. “The
combination of UBS' international reach and product range, with
PaineWebber's leading position in the U.S. market for affluent and
high–net–worth individuals, will create a premier global investment services
firm," Ospel said in the release announcing the coupling.
Initial reaction to the deal was mostly positive, though there was some
concern that despite adding millions of retail clients, the firm hadn't done
much to improve its position in investment banking. (UBS reportedly had
designs on a deal that was more investment banking–focused; according to
Bloomberg, the firm held merger talks with Lehman Brothers in early 2000.)
Optimists predicted the larger retail base would naturally lead to growth in the
investment banking business.
New BMOC, from CSFB
In November 2000, UBS Warburg announced the arrival of a new big hitter.
Ken Moelis, the former co–head of investment banking in the Americas for
Credit Suisse First Boston, agreed to join UBS Warburg as co–head of its
American I–banking unit. “Ken Moelis brings outstanding leadership and
will be a key driver of UBS Warburg's investment banking initiative in the
Americas," John Costas, then UBS Warburg's chief operating officer, said
upon the announcement. “It is our intent to build aggressively upon our
current investment banking platform and continue to accelerate our growth.
Simply stated, our goal is to be among the top investment banks in the United
States."
Moelis' agreement with UBS came just a few weeks after CSFB completed
its acquisition of Donaldson Lufkin & Jenrette, whose Los Angeles
investment–banking group Moelis oversaw. Moelis had worked at DLJ since
1990 and, before that, at Drexel Burnham Lambert as a junk bond specialist.
Moelis, who became one of Southern California's most powerful bankers
during his tenure at DLJ, officially began working at UBS Warburg in
February 2001, after fulfilling contractual obligations to CSFB. He is based
out of Los Angeles.
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UBS Investment Bank
The Scoop
PaineWebber payoff
That optimism was well founded. In 2001 the firm became Europe's top investment bank, based on revenues generated from investment banking activities. According to The Wall Street Journal, the firm reported a 7.5 percent European market share in investment banking revenues in 2001, up from 4.5 percent in 2000. In the U.S., the firm broke into the Top 10 in overall investment banking revenues. UBS Investment Bank nearly doubled its U.S. market share in 2001 to 3.2 percent, good enough for ninth place in total investment banking revenues. UBS Warburg also broke into the U.S. top
10 list of equity underwriters. The firm reports that U.S. investment banking
operations now represent about 40 percent of total revenues, compared with less than 15 percent previously.
At the beginning of 2001, UBS announced that it would turn PaineWebber's private client business into an independent unit called UBS PaineWebber.
(PaineWebber's institutional clients remained with UBS Warburg.) The move, which restored some independence to the house of Paine, reflected UBS' desire to increase its reach into the growing wealth management industry. UBS said it had planned for some time to separate the private client operations. “What we thought was that we have some pretty fantastic people running our wealth management in the U.S. and it would make sense to link that with our private client business in Europe," UBS Investment Bank CEO John Costas told The Wall Street Journal. He also said the separation would not impact any of the benefits already produced by the combination of UBS Investment Bank and UBS PaineWebber.
Hiring, not firing
While most of the Street pulled out the axe in 2001, cutting hundreds of bankers, UBS Investment Bank did just the opposite: From March 2001 to June 2002, the firm increased its U.S. investment banking staff by 10 percent, according to The Wall Street Journal. UBS Investment Bank's hiring frenzy began just after Ken Moelis joined the firm in February 2001 as co–head of investment banking. Moelis helped recruit senior bankers in sectors such as real estate, technology and industrials and even poached the financial services team of Credit Suisse First Boston, the firm he left to join UBS. By mid–2002, however, the hiring stopped – or at least slowed. In June 2002, Moelis told the Journal that although UBS Investment Bank was still looking to add middle–rank bankers, the widespread hiring was finished. Moelis also said, given the slow market, he didn't mind that the firm's investment banking division was 40 percent to 50 percent smaller than most of its competitors.
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UBS Investment Bank
The Scoop
Picking up a piece
In February 2002, UBS Investment Bank acquired the North American
energy trading operations and systems of Enron, the Houston–based, former
energy giant. Included in the deal was Enron's online trading platform, which
accounted for more than $1 trillion of business since it debuted in November
1999. After Enron collapsed, setting the record for the largest corporate
bankruptcy in U.S. history, it auctioned off its main trading business. UBS
Investment Bank beat out Citigroup in the bidding and renamed the operation
UBS Warburg Energy, which provides real–time bid and offer prices for
North American natural gas and power products via its web site
https://www.doczj.com/doc/9c12092291.html,. For what used to be the source of most of Enron's income
(including 90 percent of Enron's $100 billion in 2001 revenues), UBS
Investment Bank paid no cash up front, agreeing to give Enron at least 33
percent of the new organization's profits for up to 10 years. Not long after the
pickup, UBS gave the boot to nearly half of the unit's 600 employees. In
August 2002, UBS Investment Bank said it would cut 130 jobs in its more
than 600–person energy–trading unit as a result of a decrease in natural gas
and electricity trading volume. Four months later, in December 2002, UBS
again made major cuts: UBS Warburg Energy told most of its 380
Houston–based employees that they would be laid off as the company closed
the office and moved the trading business to its U.S. headquarters in
Stamford, CT.
Musical chairs
In an unexpected move, UBS Investment Bank chairman Marcus Granziol
resigned in May 2002. John Costas, UBS Investment Bank's CEO, was
named Granziol's successor and officially took over the chairman post in
September 2002, marking the second time in less than a year that Costas
stepped into Granziol's shoes. In December 2001, Costas took over as CEO
when Granziol was removed from that post and made chairman. Following
that change, according to the Financial Times, “Granziol's role and the
division of responsibilities with his successor, John Costas, were never clear."
The paper also reported that Granziol was “said to have become detached
from much of the day–to–day decision making at the investment bank."
Granziol's departure ended a 15–year relationship with the firm; Granziol
joined UBS predecessor Swiss Bank Corporation in November 1987.
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UBS Investment Bank
The Scoop
Movin' on up, on the sell–side
UBS Investment Bank jumped to the No. 6 spot from the No. 9 spot in Thomson Financial's worldwide M&A league tables for the six months ending June 30, 2002. UBS Investment Bank's advisory business grew 90 percent compared to the same period during the previous year. Ken Moelis, head of investment banking in the Americas, attributed the gains, the largest among the top 10 advisors, to the firm's recent recruiting efforts. “We've attempted to hire leading bankers in their fields, and you would expect that companies would seek out the best possible advice in exceptionally dangerous markets, and that might explain why we're doing well," Moelis said in a press release. In the second half of 2002, though, UBS Investment Bank couldn't keep up the pace: For the 2002 year–end M&A tables, the firm came in at the No. 8 spot, the same ranking it held in 2001.
To be sure, UBS Investment Bank's big deals of 2002 didn't go unnoticed.
The $23 billion restructuring of European cable giant NTL was named “Deal of the Year” by Institutional Investor and “Overall Deal of the Year” by Investment Dealers' Digest. In addition, Kingfisher's $4.3 billion acquisition of Castorama's outstanding stock and Hispanic Broadcasting's $3.5 billion stock merger with Univision also won “Deal of the Year” awards from IDD.
Other notable M&A deals for the year included advising El Paso Energy Partners on its $782 million acquisition of certain assets of El Paso Corporation, co–advising Shell Resources on its $6.2 billion purchase of Enterprise Oil, and co–advising Network Rail on its $11.5 billion acquisition of Railtrack, the company that owns and maintains all aspects of Britain's rail system.
Honor roll
In June 2002, picking up another honor, UBS Investment Bank was named the world's best investment bank in Euromoney's annual awards for excellence. Euromoney noted the bank's “strength across the board, its strong momentum in the key U.S. market, and a management discipline that has helped it avoid the credit losses and reputational hits other investment banks have suffered." The magazine also awarded UBS Investment Bank CEO John Costas its annual PricewaterhouseCoopers' lifetime achievement award for his “leading role in driving UBS Investment Bank from being a second–tier global player into this year's best investment bank." Also in June 2002, UBS Investment Bank was the top award winner in The Wall Street Journal's annual “Best on the Street” equity research review. The firm picked up 15 awards, besting all other firms on the Street.
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UBS Investment Bank
The Scoop
More recently, in February 2003, UBS Investment Bank was honored as
“Bank of the Year” by Investment Dealers' Digest. In a cover story, IDD
observed how the environment on Wall Street had shifted in the firm's favor.
“Today UBS’bulge bracket rivals are busy defending their turf and trying to
stanch their losses, while UBS is an up–and–comer. That makes it a place
where bankers can help build a business and contributes to that intangible
known as culture."
A few months before being named the bank of the year, UBS announced the
Paine Webber and Warburg names would be officially retired by mid–2003,
at which time UBS Warburg became known as UBS Investment Bank. The
move to a single brand name reflects UBS' goal of presenting an integrated
“one firm” global business model.
Unhealthy news
In May 2003, federal investigators began looking into connections between
UBS and a $2.5 billion accounting scandal at health care company
HealthSouth. The U.S. House Energy and Commerce Committee wanted to
know if UBS had any knowledge of the accounting scandal before it was
made public. From 2001 to 2003, UBS advised on $2 billion worth of deals
and, leading up to the public announcement of the accounting discrepancies,
UBS' health care analyst was bullish on HealthSouth's stock. Additionally,
UBS advised HealthSouth on a breakup plan that might have helped the firm
avoid disclosure of the scandal. And a UBS banker gave HealthSouth founder
Richard Scrushy tax advice.
Amid the investigations into possible ties between UBS and HealthSouth's
accounting fraud, in July 2003, UBS health care stock analyst Howard Capek
resigned. Capek announced his resignation after UBS accused him of
commenting on HealthSouth's stock while engaged in an investment banking
advisory assignment for the company. In September 1999, Capek reportedly
sent an e–mail to an institutional investor saying he “wouldn't own a share”
of HealthSouth stock. But from 2000 to 2002, when UBS was earning huge
investment banking fees for its advisory work for HealthSouth, Capek issued
a “strong buy” for HealthSouth stock.
Cutting down abroad, but still hiring in the
States
In July 2003, UBS announced it would be laying off 500 employees,
representing 3 percent of its global workforce, as a result of the poor equity
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UBS Investment Bank
The Scoop
markets and a decrease in merger and acquisition activity. Previously, UBS had avoided the sweeping layoffs other big banks had made in the midst of the lagging market. This was largely due to its parent's strong balance sheet and its success in areas outside of investment banking. The cuts, which are much less than rival CSFB has made as of late, will mainly affect the firm's European staff. Despite the layoffs, UBS plans to continue to selectively hire in the U.S.
Fortune tellers
Although predicting the future is hardly an easy feat, UBS' chief U.S.
economist Maury Harris and his colleagues, James O'Sullivan and Susan Hering, were cited as being the most accurate market sage team in November 2003. Harris' team was the most accurate of 30 forecasters who contribute to the CBS MarketWatch weekly consensus forecasts of key economic data.
Separately, Bloomberg Markets magazine, in its November issue, cited the team as being the second most accurate among 62 economists in forecasting real inflation–adjusted U.S. Gross Domestic Product for the 12–month period ending August 2003.
Climbing the ladder
Perhaps one signal – albeit a negative one – that cements UBS Investment Bank's position as a top–level I–bank: The firm was one of the banks included in the record $1.6 billion settlement of conflict–of–interest allegations involving Wall Street's top players. UBS was fined $50 million and ordered to pony up an additional $30 million to provide independent research and education for investors.
Nonetheless, UBS Investment Bank made headlines in 2003 in ways that are much more positive. In the prestigious worldwide M&A league tables, UBS moved up to the No. 7 slot from its No. 10 position in 2002, completing 226 transactions valued at $128.7 billion. In addition, UBS retained the top spot for the third consecutive year in the booming U.S. mortgage–backed securities market, with $104.1 billion in proceeds from 98 issues. According to data released by Thomson Financial in late December 2003, the growth in the mortgage market was due to low interest rates spurring extensive home loan refinancing.
UBS picked up other accolades in 2003, too. In International Financing Review's2003 review, UBS received awards for its Global Emerging Market Bond House, Financial Bond House (Subordinated Debt), Swiss Franc Bond Visit the Vault Finance Career Channel at https://www.doczj.com/doc/9c12092291.html,/finance— with
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UBS Investment Bank
The Scoop
House, Asia Bond House and Asia–Pacific Equity House, according to a
December 2003 company press release. Additionally, Institutional Investor
cited UBS as having the best overall global equity research in its 2003 survey.
UBS placed in 23 out of 29 research categories and took first place in
aerospace, household products and personal care, mining, oil and gas, paper,
tech software, telecom services, utilities and asset allocation. In a press
release, Alan Hodson, UBS' global equities chief, credited the firm's success
to the breadth and depth of its global research teams. Compensation
Analysts
? First–year analyst, trading: $55,000 base salary + $5,000 bonus
? First–year trader, trading: $70,000 base salary + $30,000 bonus
? First–year analyst, corporate finance: $55,000 base salary + $20,000 bonus
? First–year analyst, corporate finance: $55,000 base salary + $25,000 bonus
? First–year analyst, corporate finance: $60,000 base salary + $30,000 bonus
? First–year analyst, corporate finance: $60,000 base salary + $40,000 bonus
? Second–year analyst, corporate finance: $65,000 base salary + $40,000
bonus
? Second–year analyst, corporate finance: $65,000 base salary + $45,000
bonus
? Second–year analyst, corporate finance: $60,000 base salary + $50,000
bonus
? Third–year analyst, corporate finance: $65,000 base salary + $60,000 bonus
Associates
? First–year associate, corporate finance: $90,000 base salary + 75,000 bonus
? First–year associate, corporate finance: $90,000 base salary + $80,000
bonus
? First–year associate, corporate finance: $90,000 base salary + $110,000
bonus
? Second–year associate, corporate finance: $95,000 base salary + $120,000
bonus
? Second–year associate, corporate finance: $95,000 base salary + $125,000
bonus
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? 2004 Vault Inc.
UBS Investment Bank
The Scoop
? Second–year associate, risk management: $95,000 base salary + $150,000
bonus
? Second–year associate, corporate finance: $95,000 base salary + $130,000
+ bonus
? Third–year associate, corporate finance: $100,000 base salary + $150,000
bonus
? Third–year associate, corporate finance: $100,000 base salary + $170,000
bonus
? Third–year associate, corporate finance: $100,000 base salary + $200,000
bonus
? Senior associate/junior VP, corporate finance: $110,000 base salary +
$300,000 bonus
Directors
? First–year director, corporate finance: $110,000 base salary + $400,000 bonus
? First–year director, corporate finance: $110,000 base salary + $190,000 bonus
? Second–year director, corporate finance: $100,000 base salary + $250,000 bonus
? Third–year director, corporate finance: $110,000 base salary + $400,000 bonus
? Executive director, corporate finance: $115,000 base salary + $500,000 bonus
Perks
? $25 a night meal allowance (if working late)
? $30 a day meal allowance on weekends (if working)
? Car service after 9 p.m. (if working late)
? Car service on weekends (if working)
? BlackBerrys and cell phones
? Kitchen with snacks and drinks
? 401(k) plan with company contributions (matching up to 4 percent of base
pay)
? Stock purchase plan
? Private equity fund investing
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? Employee referral fee
? Discounts at local gyms ? Free admission to museums, discounts on cultural events
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CEO's Bio
The house that John built
In 1996, John Costas left a top position in the fixed income division of heavyweight Credit Suisse First Boston to see if he could grow the bond unit at the middleweight UBS. Not without a struggle, which included bobbing and weaving through the SBC and Dillon Read mergers, Costas succeeded.
As a result, he was named chief operating officer and global head of fixed income for UBS Investment Bank (then called UBS Warburg) and again he thrived, using what might be his greatest weapon: attracting talent.
Costas is largely responsible for targeting PaineWebber as the perfect takeover candidate to boost UBS into the bulge bracket. (As early as the 1996 third quarter Costas recommended that UBS buy the house of Paine). In addition to spearheading the monumental and highly successful PaineWebber merger in 2000, Costas also picked off some of the Street's most skilled individuals. He started with Ken Moelis, then the co–head of investment banking at CSFB, and leveraged him to recruit more top bankers, including Morgan Stanley's global co–head of media and communications banking, and Salomon Smith Barney's industrial group head.
Costas' recruiting abilities paid off – and didn't go unnoticed. At the beginning of 2001, Costas was appointed president of UBS Investment Bank and, at the close of the year, was named CEO. In June 2002, he picked up Euromoney's annual PriceWaterhouseCooper's lifetime achievement award for his role in moving UBS Warburg “from a second–tier player into the year's best investment bank." Just a few months after accepting the award, Costas, at the age of 45, became the new UBS Investment Bank chairman as result of Marcus Gronziol's unexpected resignation.
Business Units
Typically, undergraduates, MBAs and interns join one of the following units:
Investment Banking
The investment banking division advises leading companies and governments worldwide on mergers and acquisitions, debt and equity capital raisings, takeovers and defenses, disposals, private placements, restructurings,
UBS Investment Bank
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13
Organization
UBS Investment Bank
Organization
reorganizations, privatizations, and general advisory services. defenses.
Investment banking also includes joint venture teams, such as equity capital
markets (a joint venture between the investment banking and equities
division), debt capital markets (joint venture between investment banking and
fixed income) and global syndicated finance (joint venture between
investment banking and fixed income). The equities capital markets group
raises money for companies by selling equities and equity–linked products.
Debt capital markets structure and execute investment grade bonds, high
yield bonds and structured products. Global syndicated finance arranges
financings via senior bank debt, high–yield bonds and mezzanine debt for
leveraged buyouts, management buyouts, acquisitions and recapitalizations.
In addition to product groups, investment banking has several industry
groups, including consumer products and retail, financial institutions,
healthcare, media, real estate, transport and technology.
Fixed Income, Rates and Currencies
This unit provides issuers and investors worldwide with research, origination,
trading and distribution services related to debt products. Additionally, it
includes trading and distribution of foreign exchange, precious metals, bank
notes, money markets, fixed income collateral (repos), government bonds and
interestrate–based derivative products. The unit is made up of the following
subdivisions: banking products and high–yield trading and research,
collateralized debt obligations, credit research, debt capital markets (joint
venture with investment banking), distribution, global commercial real estate,
global credit derivatives trading, investment grade and emerging markets
credit trading, global syndicated finance (joint venture with Investment
Banking), mortgages and asset backed securities trading and research,
principal finance, strategy and economics, and credit exposure management.
In Euromoney's2003 FX (foreign exchange) survey, UBS was named the
world's No. 1 bank for FX. Also in 2003, Derivatives Week named the firm
the FX Derivatives House of the Year.
Equities
The equities division provides sales, global research, execution, primary
issuance and risk management products to corporations, institutions, hedge
funds, intermediaries and private clients worldwide. The unit boasts 86
exchange memberships in 31 countries. The equity capital markets group, a
joint venture between Equities and Investment Banking, acts as a bridge
between the corporate finance and the equities business. In 2003, Euromoney
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? 2004 Vault Inc.
UBS Investment Bank
Organization
named UBS the Best Equity House and IFR Asia named the firm the Equity
House of the Year.
Information Technology
The firms IT unit has more than 5,000 professionals working out of 10
locations worldwide, with major software development branches in Stamford,
Conn., Chicago and London. The unit is further subdivided into the following
departments: system development, business analysis, infrastructure, global
service delivery and architecture.
Financial Controls
This division oversees the production and analysis of financial and
management accounts and regulatory reporting. In addition, it establishes
group–wide accounting policies and provides monthly financial performance
reports and information to the Board of Directors and the Group Executive
Board.
Operations
This division works with all aspects of the firm, supporting and developing
its strategies. Operations' main function is to simplify the processing of
securities, interest rate products and foreign exchange rate products.
Major Locations
UBS Investment Bank' 60 offices are located in
the following 31 countries:
? Americas
? Argentina
? Brazil
? Canada
? Chile
? Mexico
? USA
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UBS Investment Bank
Organization
Europe, Middle East and Africa
? France
? Germany
? Israel
? Italy
? Netherlands
? Portugal
? Russia
? South Africa
? Spain
? Sweden
? Switzerland
? UK
Asia/Pacific
? Australia
? China
? Hong Kong
? India
? Indonesia
? Japan
? Malaysia
? New Zealand
? Philippines
? Singapore
? South Korea
? Taiwan
? Thailand
Key Officers
Chairman and CEO: John Costas
Chief Financial Officer: Jonathan Britton
Global Head of Strategic Planning and Business Development: Regina Dolan
Joint Global Head of Investment Banking: Robert Gillespie
Joint Global Head of Investment Banking: Ken Moelis
16
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