UBS hit as more staff go to Citi

UBS global co-head of M&A, Cary Kochman, yesterday became the fourth senior banker to quit the Swiss bank, moving to rival Citigroup along with colleagues Jim Glerum and Justin Friesen.

Friesen was deputy head of US M&A at UBS, while Glerum headed diversified industrial banking.

Kochman, Glerum and Friesen join former colleagues who have moved from UBS to Citi recently, including Kevin Cox and Francis Tucci. The departures came as Citi announced it was adding over 10 managing directors in its Asian investment bank.