- Thomson Reuters
Josh Miller, a highly regarded Deutsche Bank fixed-income salesman, has quit to join UBS, according to people familiar with the matter.
Miller, who had been a top producer in rates sales at Deutsche Bank, will join the Swiss bank as an executive director in the same business, according to the people.
In moving to UBS, Miller joins former Deutsche Bank colleague Daniel Swasbrook.
Swasbrook, head of macro distribution for foreign exchange, rates, and credit (or FRC) in the Americas,has been hiring since he joined UBS last year.
Business Insider reported earlier this year that Scott Francoeur, the former head of emerging-markets credit sales at Morgan Stanley, had joined UBS, reporting in to Swasbrook.
UBS is hiring in fixed income, just as others are firing. Andrea Orcel, president of UBS’ investment bank, told Business Insider in March that the bank saw opportunity amid the carnage on Wall Street.
“We see opportunity in FRC. We decided three and a half years ago that we were going to compete in certain businesses, and not others,” Orcel said.
“UBS was a hard sell then for someone working in fixed income. They didn’t know whether the new strategy was going to be effective. We’ve shown that we continue to be relevant. We’re still here and more importantly gaining profitable share.”
Wall Street banks had a terrible first quarter in fixed-income trading, though rates seemed to be a bright spot, according to Barclays analysts. JPMorgan, Bank of America Merrill Lynch, and Citigroup all both reported improved rates revenues in the first quarter.
Deutsche Bank and UBS will report first-quarter numbers in the coming weeks. Business Insider reported late March that Deutsche Bank’s rates business was struggling.