June 22 (Reuters) – Royal Bank of Canada has hired veteran investment banker Larry Grafstein from UBS Group AG to be deputy chairman of global investment banking, people familiar with the matter said on Friday.
Grafstein, who was previously the co-head of mergers and acquisitions in the Americas at UBS, will help build out RBC’s M&A franchise with an eye towards the biggest situations, one of the people said.
The hiring comes after RBC fired its head of U.S. investment banking, Blair Fleming, earlier this month for violating a policy related to workplace relationships.
The sources asked not to be named because the hiring was not yet public. UBS and RBC declined to comment on Grafstein’s move.
Grafstein starts in September in New York and will report to the co-heads of RBC’s U.S. investment banking Matthew Stopnik and Jim Wolfe. Grafstein has spent over 30 years in banking has also worked at Rothschild and Lazard Ltd.
So far this year, RBC has hired nine senior level bankers in areas such as technology, asset management and equity capital markets.
UBS has also brought on a new managing director to its media and telecom team from Citigroup Inc, Brian Fischbein, as it looks to build out its U.S. investment banking business, according to a memo reviewed by Reuters.
Citi could not be reached for comment on the departure. A spokesperson for UBS confirmed the contents of the memo.
Fischbein will focus on information services, publishing and education companies. He previously worked at Sagent Advisors, Barclays Capital and Lehman Brothers.
In the past year, UBS has hired nine managing directors to banks spanning industrials, restructuring, specialty finance, technology and other industries. (Reporting by Carl O’Donnell; Editing by Richard Chang)