 | |  Nowhere are the skills and talents of our employees more crucial than in investment banking, an arena in which we start with many advantages, but where there is still room for us to make significant progress.
UBS Warburg is one of the few truly global content and advice providers for institutional clients, and the global reach, breadth and diversification of its direct access to investors is best-in-class. In investment banking however, we are not yet at the top of the league tables, although we have made significant progress in 2001, increasing our share of the world’s corporate finance fees to 4.5%, from 3.6% in 2000. A key component of this achievement, and an important building block for continued progress in future, has been our success this year in recruiting some of the very best talent in the investment banking industry, particular in the US.
In large part, this has been a result of our merger with PaineWebber. It might not seem immediately obvious that adding an industry-leading US wealth management business would enhance our prospects of recruiting top investment bankers. But the addition of UBS PaineWebber has brought a step change to UBS’s profile in the US, and demonstrated our commitment to the US market.
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