UBS lost two credit traders who resigned in New York
UBS has lost at least two traders from its US credit trading business. Both are understood to have resigned.
UBS isn't commenting, but sources say that both Joseph Griffiths and Dylan Parker have recently resigned. It's not entirely clear why or where they might be going next.
Griffiths' FINRA registration says he only joined UBS in 2023 after a year at RBC Capital Markets. He previously spent two years at BNP Paribas and has a recent tendency to hop around.
Parker joined from Daiwa in 2022 and traded investment grade corporate bonds.
Neither man is thought to have been cut, but UBS is thought to be shaking things up under heads of US credit trading Chris Cazier and Cie-Jai Brown. Brown joined from JPMorgan last year and Cazier joined from Goldman in 2020. Headhunters say the two are "very good." Dan Driscoll, the bank's former head of US credit trading retired last year.
UBS is expected to hire externally to plug its gaps. The Swiss bank's global markets revenues rose 26% year-on-year in the first half, outperforming peers. Nonetheless, some traders have complained that the bank needs to increase its investments in data, analytics for the credit platform.
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