UBS hired a top US credit trader from JPMorgan amid rumors of a major retirement
UBS has made a significant new hire for its US credit trading team, amidst suggestions that one of the few experienced credit traders it added from Credit Suisse might be retiring.
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The Swiss bank is understood to have added Cie-Jai Brown, an investment grade credit trader from JPMorgan.
At the same time, there are suggestions that Dan Driscoll, a senior investment grade credit trader who joined UBS from Credit Suisse in late 2023, is retiring. However, this has not been confirmed by either Driscoll or UBS.
UBS hired comparatively few credit traders from Credit Suisse, with very many members of the team leaving for Deutsche Bank before the acquisition was finalized.
Driscoll spent five years working for Credit Suisse in New York before joining UBS. However, he spent another 10 years working for the bank between 2002 and 2012. He's also worked for Barclays and Morgan Stanley.
Revenues in UBS's rates, FX and credit business rose 20% year-on-year in the second quarter, driven partly by rising revenues in credit.
Brown spent 22 years at JPMorgan in New York and was latterly an executive director in investment grade credit trading with a focus on US banks.
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