(Updates with appointments of Cruise, Herbst in the fourth paragraph.)
June 15 (Bloomberg) -- UBS AG, Switzerland’s biggest bank, hired Doug Brengel and Bill Frauenhofer from Citigroup Inc. to head its technology group in the latest exchange of executives between the two firms.
Brengel will become a managing director and chairman of technology banking and Frauenhofer will join as a managing director, the Zurich-based company said in an internal memo. Both held similar positions at Citigroup. Brengel will be based in Los Angeles and Frauenhofer in San Francisco, UBS said. They will report to Mark Zanoli and start in late August.
Earlier this month, New York-based Citigroup hired four executives from UBS, including Cary Kochman, global co-head of mergers and acquisitions, and James Glerum, head of Asian industrials. UBS has lost at least 50 dealmakers from its U.S. investment bank after cutting its bonus pool during the 2008 credit crisis.
UBS also appointed Stephen Cruise and Jonathan Herbst as co-heads of Midwest coverage and the firm’s Chicago investment- banking unit, the company said today in a separate internal memo. Cruise and Herbst will report to Aryeh Bourkoff, head of investment banking for the Americas, according to the memo.
Cruise, who joined UBS in 2004, is a managing director and led the investment-banking coverage for some of the firm’s top Midwest clients in the manufacturing industry, according to the memo. Herbst is a managing director in the firm’s technology, media and telecommunications group, the memo said.
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