UBS hires new real estate exec from Chase
Swiss bank UBS (UBS) hired Peter Baccile to help run the firm's real estate, leisure and lodging group with Jackson Hseih.
Hsieh wanted two people to run the group in order to gain more share of the U.S. market, according to a memo at the bank.
The bank faces litigation from varying investors and government agencies related to a total of $45 billion in mortgage-backed securities underwritten during the buildup.
Bob McCann, CEO of UBS Americas, hired Baccile as another step to rebuild the franchise after the crisis.
Baccile leaves JPMorgan Chase (JPM), where he was vice chairman responsible or many of the largest clients. He originally joined JPMorgan in 1986, left to go to Chase Manhattan after more than a decade and stayed on after the merger in 2000.
"Peter is widely recognized as a leader on Wall Street in real estate investment banking," the memo reads.