UBS Hires Bank of America’s Forbes in Revamp of U.S. Unit

UBS AG, revamping its U.S. investment bank under Robert McCann, hired Bank of America Corp.’s James Forbes as vice chairman, adding to a roster of recruits who previously worked at Merrill Lynch & Co.

Forbes will focus on trying to win investment-banking mandates from health-care companies, buyout firms and “targeted accounts,” McCann and UBS investment bank head Carsten Kengeter said in a memo to staff. At Bank of America he oversaw $30 billion of principal investments, including HCA Holdings Inc. and China Construction Bank Corp., according to the memo.