Third executive flies from UBS

Eric Warmstein is third investment banking executive to bolt UBS AG in two weeks, taking a managing director role on the financials team at rival JPMorgan Chase & Co., according to a Financial News report.
The departure of Mr. Warmstein, a managing director in the financial institutions group at the Zurich, Switzerland-based financial services company, follows the exit of investment bank president Kenneth D. Moelis last week and the resignation of investment banking co-head Jeffrey A. McDermott two weeks ago. (InvestmentNews, March 15)
Mr. Warmstein was hired by Mr. Moelis in 2002 and is the first senior banker to leave the bank since Mr. Moelis departed last week, reportedly after disagreements about the strategy of the investment bank. (InvestmentNews, March 20)
During his tenure at UBS, Mr. Warmstein advised Mellon Financial on its $16.5 million acquisition of Bank of New York Co. Inc.
He also worked with the San Francisco-based Charles Schwab Corp. on its sale of the New York-based U.S. Trust Corp. and Charlotte, N.C.-based Bank of America Corp., according to the report.