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UBS Hires BofA Executive

July 29, 2011

Mike Stewart, co-head of global equities at Bank of America, accepted an offer to become co-head of global securities and head of securities in the Americas for UBS AG.  Mr. Stewart, 42, joined Merrill Lynch from Charles Schwab in 2003.  After BofA took over Merrill Lynch, he was named co-head of global equities.

At UBS, Mr. Stewart will be global equities co-head along with Francois Gouws.  He replaces Yassine Bouhara, who will become CEO of emerging markets for the investment bank.  Mr. Stewart will be based in New York and Stamford, Conn., and report to Carsten Kengeter, the chief of the investment bank.

Hit with defections, UBS, Switzerland’s largest bank, has been working hard to rebuild its investment banking business at a time when new rules and regs are on the rise and financial firms are cutting back or holding the lines of compensation and other costs.   [DealBook, 7/29/11]