UBS AG Hires Away Executives from Goldman Sachs (NYSE: GS) and Bank of America (NYSE: BAC)

UBS AG announced on Sunday that it will hire executives from Goldman Sachs Group Inc. (NYSE: GS) and Bank of America Corp (NYSE: BAC) to build out its mortgage and lending business in the United States.

The firm will hire Jonathan Kessler from Bank of America Corp (NYSE: BAC)’s Merrill Lynch division, who will serve as the unit’s head of banking and lending solutions. Former Goldman Sachs Group Inc. (NYSE: GS) Residential Lending Business Head Frank Destra will become the head of mortgage at UBS’ U.S. operations.

The Wall Street Journal first reported the hirings, which were later confirmed by a UBS spokesperson.

The report also said that UBS plans on hiring more mortgage personnel during the months ahead.

UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. UBS AG is the parent company of the UBS Group (Group). The operational structure of the Group comprises the Corporate Center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and the Investment Bank. As of December 31, 2009, the Company operated about 973 business and banking locations worldwide. In February 2009, JPMorgan Chase & Co. completed the acquisitions of the Company’s global agricultural business. In September 2009, UBS AG completed the sale of its Brazilian financial services business, UBS Pactual, including its asset management business, UBS Pactual Asset Management. In May 2009, the Company completed the acquisition of the commodity index business of AIG Financial Products Corp., including AIG’s rights to the DJAIG Commodity index.

Shares of UBS traded up 2.53% hitting $17.40 during mid-day trading on Monday.



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