UBS suffered another shock senior defection yesterday when its head of global capital markets for Asia, Steven Barg, quit for its US rival Goldman Sachs.
Barg is the third senior banker at the Swiss firm to leave the firm since March, marking another blow to its regional equity capital markets (ECM) franchise.
Barg will join Goldman Sachs in Asia as co-head of ECM. Together with Jonathan Perkin, he will report to Dan Dees, Goldman’s head of financing in Asia.
Goldman declined to comment. Barg, an American and a graduate of Wesleyan University in Connecticut, could not be reached for comment.
A UBS spokesman said London-based Matthew Koder, the firm’s global head of capital markets, will take on the added responsibility of Asia in the interim.
Earlier this year Mark Williams, head of UBS Asia equity capital markets, resigned to join Nomura. Also on the way out is Sutha Kandiah, his co-head of Asian equity capital markets, who is joining Religare.