Friday, October 22, 2010

Citigroup (NYSE:C) Lands Energy Investment Team of UBS AG (NYSE:UBS)

The energy investment team from UBS AG (NYSE:UBS) has left the company en masse to join Citigroup (NYSE:C), citing concerns over future compensation from the financial institution.

Stephen Trauber, the head of UBS’ energy investment unit, and senior directors Jerry Schretter, Joel Foote II, Sam Pitts and Michael Jamieson are those who left the bank.

UBS AG spokesman Doug Morris commenting on the departure said, “UBS is firmly committed to serving its energy clients and remaining very active in the sector.”

UBS closed at $18.10 Thursday, dropping $0.11, or 0.60 percent.

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