UBS AG’s energy investment banking team has left the company to take positions at Citigroup, Inc (NYSE: C).
According to a report from the Boston Business Journal, five senior managers and head of UBS’ energy investment bank Stephen Trauber had expressed concerns about future compensation from UBS. Several junior bankers also expressed concerned. The report said that the other four senior directors include Michael Jamieson, Jerry Schretter, Sam Pitts and Joel Foote II.
Stephen Tauber had been with UBS since 2003 and was with Morgan Stanley (NYSE: MS) before that. He is expected to start with Citigroup, Inc (NYSE: C) sometime during the next two to three months.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded up 0.38% during mid-day trading on Friday, hitting $3.98.