Hire Wire Feb 24 2012

UBS Investment Banking Head to Leave

By gina chon

Jimmy Neissa, one of the global heads of investment banking at UBS AG, will be leaving the bank at the end of March after 11 years at the firm, people familiar with the matter said.

Neissa wanted to take a break to focus on his family's business interests and doesn't have any immediate plans to join another bank, the people said. His decision wasn't related to last year's rogue trading scandal that cost the bank $2 billion and his consideration of leaving the bank began before then, the people added.

The bank officially announced Neissa's planned departure on Friday, the people said. A UBS spokeswoman confirmed Neissa's move.

UBS's profit plummeted in the wake of the trading scandal and bankers' compensation was cut back significantly through a clawback and other measures. UBS decided to take back 50% of share-based bonuses awarded last year to investment bankers whose bonuses exceeded two million Swiss francs, or $2 million, one of the biggest clawbacks seen to date at any bank.

Several senior bankers were already unhappy with pay prior to the trading scandal, causing more than a dozen to leave the firm in the first half of last year.

Neissa shares the global head of investment banking title with Matthew Grounds and Simon Warshaw. He is also part of UBS's executive committee and was chairman of global mergers and acquisitions at UBS. Prior to joining the firm, he was co-head of European M&A at what was then known as Credit Suisse First Boston.

This story originally appeared on WSJ.com.

Write to Gina Chon at gina.chon@wsj.com




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