As UBS AG board members gathered in Sydney last year to consider the bank’s fate, they joined 200 clients to drink champagne, eat canapes and mingle among beds of anthurium with purple spadixes jutting into the air.
Australia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG’s top banker in the nation said.
UBS AG , which has lost at least 50 dealmakers from its U.S. investment bank since 2009, remains committed to the unit and aims to reach a top-five rank, said Matthew Grounds , global co-head of investment banking.
UBS AG is boosting annual bonus payments to investment bankers in Asia by about 10 percent for 2013, fueled by higher revenue from arranging sales of stocks and high-yield bonds, according to two people with direct knowledge of the matter.
UBS AG’s joint head of global investment banking Jimmy Neissa plans to leave the company at the end of March to focus on family business, Carsten Kengeter, head of the investment bank, said in a memo to employees.
UBS AG is taking the biggest share of Australian mergers advisory since 2004 after working on four of this year’s five largest transactions involving local companies, as deal making rebounds from a slump.