"Analysts at UBS and Bank of America to Leave
Glenn Schorr, the banking analyst from UBS, is leaving the firm, according to an internal memo Tuesday obtained by Dealbook.
The memo said that Mr. Schorr was departing immediately and that Mike Carrier, who reported to Mr. Schorr, would be taking over coverage of Goldman Sachs and Morgan Stanley. The firm said it would “communicate our intentions with respect to the balance of Glenn’s coverage in the near future.”
Bank of America is also losing two prominent members of its research team. Bloomberg News reported Tuesday that Richard Bernstein, its chief investment strategist, and David Rosenberg, the chief North American economist, plan to leave the bank within two months.
Mr. Bernstein will form his own money management firm, and Mr. Roseberg will join Gluskin Sheff & Associates in Toronto, Bloomberg said.
The UBS memo did not give a reason for Mr. Schorr’s departure or say what he might do next. Mr. Schorr did not respond to e-mails or phone messages Tuesday. Mr. Schorr and Mr. Carrier both came to UBS in March 2003 from Deutsche Bank.
There have been many changes in among banking analysts during the recent upheaval in the financial services industry.
In November, Citigroup laid off Prashant Bhatia, who covered a range of brokers and asset managers such as Fortress Investment Group, Merrill Lynch (now part of Bank of America) and BlackRock. Earlier in the fall, Bank of America dismissed Michael Hecht, who covered investment banks. Goldman Sachs eliminated the banking analyst role all together last year, laying off William Tanona.
Some of the departures have been voluntary, though. Meredith Whitney recently left her position as a banking analyst for Oppenheimer to create her own firm, Meredith Whitney Advisory Group.
Read the UBS memo below.
– Cyrus Sanati
March 24, 2009
To: US Equities Research, US Equities Sales
From: David Bleustein, Director of US Equities Research, Raul Esquivel, Head of Americas Equities, Mark Steinert, Head of Global Equities Research
We regret to announce that Glenn Schorr has decided to leave UBS, effective immediately. Over the past six years, Glenn has contributed tremendously to the Financials sector. We would like to thank Glenn for his accomplishments and wish him well in all his future endeavors.
Michael Carrier will assume lead coverage of Goldman Sachs and Morgan Stanley. We will communicate our intentions with respect to the balance of Glenn’s coverage in the near future.
Please join us in congratulating Michael on his additional responsibilities."