Sunday, 22nd November 2009

 

4 August 2008 - Press Briefing

Ex-UBS wealth management bankers defend Vestra move

Fifty two of UBS’ wealth management bankers, who quit to join start-up rival Vestra Wealth, have defended their departure, saying that their clients believed investments with the Swiss bank were in jeopardy due to UBS’ massive sub-prime losses, according to a report in The Daily Telegraph.

Defending themselves against a suit by UBS in the UK High Court, the defendants - Vestra, its founder David Scott and four key former UBS bankers - submitted testimony from former employees.

Sanjay Rijhsinghani and James Allan, investment directors at UBS Wealth Management, claimed that customers had expressed concerns about the safety of their funds following writedowns at the Zurich-based bank which had damaged its reputation.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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