BANK of America Merrill Lynch (Baml) yesterday bolstered its corporate broking team by hiring Tim Waddell from UBS.
He will focus on UK clients, and the bank hopes Waddell can help it become the broker for more than 30 FTSE100 firms – Baml is currently on 29, shortly behind leading bank JP Morgan.
Baml hopes to gain more of the biggest 50 listed firms in the UK, in sectors including financial services, technology, media and telecoms, healthcare and industrials.
Waddell has spent more than 30 years at UBS and its predecessor bank SG Warburg.
At Baml, Waddell will report to the co-heads of Europe, Middle East and Africa (EMEA) corporate and investment banking, Bob Elfring and Diego De Giorgi.
His departure comes at a tumultuous time for UBS which has been slimming down some parts of its investment banking arm.
Meanwhile UBS yesterday appointed Mark Haefele as chief investment officer of its private bank, replacing Alexander Friedman who is leaving the lender.