Last April, UBS made a significant hire in the form of Bharat Gupta, who joined as the head of European high yield trading from Deutsche Bank. However, last week, UBS made yet another hire for the same role, bringing on board Robert Laux, who is joining from Bank of America.
UBS has not provided any official comments on the matter, but it is understood that with Laux’s arrival, Gupta has departed from the firm. Gupta did not respond to requests for comment on his next move.
Insiders at UBS have revealed that the Swiss bank is revamping its high yield trading team following a period of underwhelming profitability. Senior saleswoman Sarah Mobbs is also rumored to have left the organization.
Laux is not new to UBS, having previously worked there for 10 years and eventually serving as the head of EMEA leveraged finance trading. After leaving UBS for Bank of America in 2022, his return to UBS is seen as a much-needed boost for the firm. The exact amount UBS paid to bring Laux back is undisclosed, but insiders believe it was a worthwhile investment.
Following Laux’s departure, UBS also welcomed Shaun Barlow from Seaport Global Holdings as the new head of European finance trading and research. Barlow is expected to report to Laux upon his return.
It is worth noting that UBS has made several other short-lived hires in the high yield trading team, including Carlo Armillis from NatWest, who followed a similar pattern of joining and leaving quickly like Gupta.
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