UBS's new head of high yield trading is leaving now that it has an even newer one

Last April, UBS hired a new head of European high yield trading in the form of Bharat Gupta who joined from Deutsche Bank. Last week, UBS hired itself another head of European high yield trading in the form of Robert Laux, who is joining from UBS. 

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UBS isn't commenting, but we understand that with Laux arriving, Gupta has gone. Gupta didn't respond to a request to comment on where he's gone to.

UBS insiders say the Swiss bank is sprucing up its high yield trading team after a period of lacklustre profitability. Senior saleswoman Sarah Mobbs is also thought to be off.

Laux has worked for UBS before. He was there for 10 years and became the head of EMEA leveraged finance trading before leaving for BofA in 2022. It's not clear how much UBS has paid to bring Laux back again but insiders at the Swiss bank say his return is much needed. Since he left, UBS made various other brief hires - including Carlo Armillis from NatWest, who came and then went again in the style of Gupta. 

Shortly after Laux left, UBS also hired Shaun Barlow from Seaport global holdings as head of European finance trading and research. It's thought that Barlow will report to Laux upon his return.

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