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Tuesday, May 24, 2011

Another U.S. investment banker leaves UBS, (UBSN), (NYSE: MS)

Christopher Abbate, head of UBS AG's (UBSN.VX) U.S. leveraged finance group, left the bank this week, a UBS spokeswoman said on Tuesday, adding to the recent flurry of departures from the bank. UBS has seen scores of investment bankers leave in the last three years as the financial crisis hit the Swiss bank hard and forced it to put unpopular curbs on compensation. Mary Ann Deignan, formerly head of Americas equity capital markets for UBS, and Gary Howe, who was co-head of financial institutions in the Americas, left last week. In March, UBS installed well-known media banker Aryeh Bourkoff as head of Americas investment banking to staunch the talent bleed. UBS recently hired some senior bankers in a bid to rebuild its investment bank, wooing Thomas Langford away from Morgan Stanley (MS.N) to head its global energy investment banking team.

Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a group of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.68% or $-0.16/share to $23.53. In the past year, the shares have traded as low as $22.40 and as high as $31.04. On average, 12006800 shares of MS exchange hands on a given day and today's volume is recorded at 10429192.