UBS Hires Deutsche Bank's Bouhara to Head Global Equities Unit With Gouws
Bouhara will lead the unit alongside Francois Gouws, 45, who has been with UBS for 15 years and was most recently head of equities in Europe, the Middle East and Africa, UBS said in an e-mailed statement today. Last year, Bouhara took a leave of absence from Deutsche Bank, where he’d worked for 14 years, most recently as the bank’s head of global markets in Europe.
Bouhara and Gouws replace Daniel Coleman, who stepped down in March after almost 24 years at UBS. The Swiss bank, which ranked second by equities revenue behind Goldman Sachs Group Inc. in 2006, had the lowest revenue from stock trading in the first three months of this year among its eight biggest competitors that report quarterly earnings.
Chief Executive Officer Oswald Gruebel, 66, is betting on a recovery at the securities unit to help UBS reach its 15 billion-franc ($13 billion) target for pretax profit within the next five years. Since naming Carsten Kengeter and Alexander Wilmot-Sitwell co-heads of the investment bank in April 2009, UBS hired more than 500 bankers, including Rajeev Misra and Dimitri Psyllidis, co-heads of fixed income, and Neal Shear, head of securities.
Gouws will be based in London and Bouhara in Stamford, Connecticut. Both will report to Shear, Zurich-based UBS said.
Deutsche Bank said in June 2009 that Bouhara was taking a leave of absence, without giving a reason. Bouhara was replaced as head of global equities at Deutsche Bank in December 2008 after proprietary trading losses at the unit.
Gouws joined UBS in South Africa before moving to London in 2001 to oversee European equity research. In February 2004, he was named to a new job selling research on European companies globally and helping to coordinate sales of all equity products, except derivatives, to European clients.