Citi hired a UBS industrials MD in London, despite approaching bonuses

Maybe bankers at UBS won't get the best bonuses this year, again? Maybe Citi has a pot of money and is paying generous guarantees to people who join late in the season? Maybe, UBS in London bankers think Citi is a better place to be?

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Whatever the reason, Karl Montfort, a managing director (MD) at UBS in London, is joining Citi. Montfort was a member of Citi's industrials team. He's understood to specialise in paper and packaging. 

Citi declined to comment on Montfort's move. UBS didn't respond to our query. 

UBS bankers haven't had a great year and the bank still has costs to cut. Between 2021 and 2023, bonuses at the bank fell 30%.

Montfort joined UBS in October 2023 after nearly 13 years at Credit Suisse. He's not the only ex-Credit Suisse banker to leave this year. Other exits include Stephen Pick, who joined Barclays as EMEA head of M&A in August, along with the many other ex-Credit Suisse bankers who've joined Cathal Deasy at the British bank.  Montfort presumably thinks Citi is the better bet. 

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