The brokerage arm of UBS has launched an aggressive hiring spree in the US, offering financial advisers large pay packages to lure them from rivals such as Merrill Lynch, Morgan Stanley and Citi – even as these rival banks shed thousands of jobs. The moves have enraged rivals, who claim the Swiss group has triggered a costly price war for brokers. UBS, which received a capital injection from the Swiss government, promised some brokers compensation equal to almost three times their yearly profits, according to offer documents. UBS Financial Services has added more than 400 advisers to its 8,000-strong network in the past few months, insiders say.

This entry was posted by Gwen Robinson on Monday, February 9th, 2009 at 5:42 and is filed under Capital markets, People. Tagged with ubs. Edit this entry.