The UBS investment bank has lured a former top politician to join its ranks and has given him a specific task. It's the third high-profile hiring this month.
The U.K. is set to leave the European Union in March 2019 and the uncertainties surrounding the exit are mounting day by day. It is still an open question for instance, whether companies based in the U.K. will retain a free access to the European common market.
The need for advice is evident and that’s why UBS has hired a most senior politician. The man to tell the bank all it needs to know about Brexit is Lord Jonathan Hill, according to a report by «Financial News» (behind paywall).
Brussels and London Covered
Hill will work as a senior adviser to the bank and report directly to Javier Oficialdegui, head of corporate client solutions Europe at the investment bank. He is specialized in advising companies on Brexit and draws on his experience in the circles of power in Brussels and London.
Hill was an EU commissioner and expert on the integration of capital markets in EU member states. In July 2016 he resigned, frustrated about the plan of the U.K. to leave the EU. Before his time as commissioner, Hill was the Leader of the House of Lords in Westminster.
Third High-Profile Hiring in May
Hill is also a co-founder of Prosperity U.K., on organization dedicated to get both sides of the Brexit discussion around one table to come up with solutions for Britain’s future outside the EU.
The appointment of Lord Hill is the third heavy-weight hiring of the investment bank in May. At the beginning of the month, UBS hired Marco Illy, the long-time head of the Credit Suisse investment bank, who will take charge of the investment bank at UBS in Switzerland in December.
Also joining is Sebastian Pollems, a banker at Morgan Stanley. He will be the co-boss of the investment bank in Germany and Austria.
