Cary Kochman, UBS co-global head of mergers & acquisitions, is leaving the bank to become head of North America M&A for Citigroup and co-head of the Chicago office.
Citigroup announced the hire, after The Wall Street Journal reported the news.
Kochman, who was promoted at UBS in March from his position as co-head of Americas M&A, is the latest high profile banker to leave the Swiss firm.
Jim Glerum, co-head of the UBS Midwest region, will be joining Kochman at Citi as chairman of regional banking for North America.
UBS was hit hard during the financial crisis in 2008 by soured trades on subprime mortgages. Since then, many bankers have complained about low compensation and some have left the bank as a result.
In the last four months, at least 17 senior U.S. bankers have left UBS, including Mary Ann Deignan, head of Americas equity capital markets, who is joining Bank of America Merrill Lynch in a similar position. Gary Howe, who was co-head of UBS's financial institutions group, has been hired by Lazard.
Citi has hired several UBS alumni in recent months. Kevin Cox, an industrials banker and former head of the firm's Americas investment-banking unit, quit in May to join Citi as co-chairman of global industrials investment banking. Last year, UBS lost Stephen Trauber and most of its energy team to Citi.
UBS has been working to rebuild its investment bank.
Last month, UBS hired Morgan Stanley's Thomas Langford as global head of energy investment banking as part of its effort to rebuild its team in Houston. Langford is a high profile hire for UBS. He spent 17 years at Morgan Stanley, most recently as head of the bank's energy group.
UBS executives said Langford's hire is reflective of the bank's commitment to its U.S. operations and to expanding the investment banking business.
Other recent hires include former Morgan Stanley technology banker Adam Frisch, along with media banker Richard Eisenberg, formerly of JPMorgan Chase, and M&A banker Riyad Shahjahan, who also came from JPMorgan.
The bank has also promoted younger, talented bankers, such as well-respected media banker Aryeh Bourkoff, who was named Americas investment banking chief.
Gina Chon is a reporter for The Wall Street Journal, where this story originally appeared. Write to her here.