UBS sets sights on US ranking

10 May 2011

The largest lender in Switzerland has set its sights on improving its ranking in the US.

Matthew Grounds, global co-head at UBS AG, stated that the bank remains committed to its unit in the country, despite losing more than 50 dealmakers from its investment bank there since 2009, Bloomberg reports.

In an interview with the news agency, the industry figure said the organisation has dedicated capital for hiring, but declined from explaining this further.

He noted: "I'm only interested in getting our market position in the Americas to where it needs to be. I want to be [in the] top five."

Since downsizing its bonus pool by 80 per cent during the credit crunch, UBS has witnessed a number of defections, including its chairman Richard Leaman, the source explained.

The bank recently reported significant new money inflows after experiencing first-quarter profits that were more sizeable than anticipated by analysts consulted by Bloomberg.

By Asim Shah

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