March 20, 2023
Jason Diamond Quoted
By Victoria Zhuang
UBS, in the midst of a blockbuster $3.3 billion takeover of rival Credit Suisse, has long sought to hire the world’s most lucrative wealth managers. Now it’s embracing a recently-launched digital tool aimed at doing just that, even as the sudden merger of the two Swiss giants raises questions about potential job cuts and higher expenses.
“Those field leadership positions are always vulnerable because they’re non-revenue producing positions,” said Jason Diamond, a vice president and senior consultant at industry recruiting firm Diamond Consultants.
“The reality is, especially for larger more sophisticated teams, they were going to find ways to get all that information anyway, whether it was through curated one-on-one sessions or VIP days, or just working directly with the managers to ask those questions,” Diamond said.
“It’s a nice way to free up capacity for some of the folks at UBS,” he added, but “the heavy lifting on the due diligence probably doesn’t change all that much as a result.”