The Bank of Montreal’s 15-person oil treading team has been recruited by UBS, Reuters reports.
The traders’ move to the Swiss bank shifts the dynamics in the energy banking market, says Reuters. It also reflects a change in market dynamics since oil prices have dropped: focus has gone from initial public offerings to raising cash for companies that are already public.
Prior to this mass hiring, UBS didn’t have it’s own team of acquisition and divestiture bankers, says Reuters. The news service reports that BMO will have a small team of remaining traders. Read more.