(Bloomberg) -- UBS AG, Switzerland’s biggest bank, hired Ros Stephenson from Barclays Plc to be global chairman of corporate client solutions, reporting to Andrea Orcel, the investment bank’s chief.

Stephenson, based in New York, will join the executive committees of the investment bank and the Americas starting in September, according to a statement from the Zurich-based company today. She joined Barclays when the London-based bank acquired the U.S. operations of Lehman Brothers Holdings Inc., where she helped start the financial sponsors group, which advised private-equity firms such as KKR & Co.

Stephenson is the latest senior manager to leave Barclays as Chief Executive Officer Antony Jenkins reshapes the investment bank amid pressure to cut costs and boost profit. Her departure follows that of Hugh “Skip” McGee, one of the most senior dealmakers to join Barclays when it acquired Lehman in 2008, who stepped down as CEO of the Americas division at the end of April, and Robert Morrice, the Asia-Pacific chairman and CEO who is retiring after 17 years.

“We have seen Barclays lose a number of senior and high- profile professionals this week,” said Christopher Wheeler, a banking analyst at Mediobanca SpA. “It implies some major changes at next week’s strategy update. While this will please the market, only time will tell what the collateral damage is to the revenue line.”

Other Barclays executives to leave include Hans-Joerg Rudloff, who retired as investment-banking chairman in February. Larry Wieseneck, co-head of securities, is leaving at the end of June.

“Some of the people that we’ve seen leaving is surprising,” Edward Firth, an analyst at Macquarie Group Ltd. said by telephone. “It’s also understandable given the recent restructuring news.”


Read more:



Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access