UBS has hired John Gorham, a principal and distressed salesman at Bank of America, to be a salesman on the par loan desk. Prior to his stint at B of A, Gorham had been a director of par loan trading at Deutsche Bank. Gorham could not be reached by press time. Officials at B of A and UBS declined comment and spokespeople did not return calls.
UBS is also believed to be looking for a sourcer to fill a spot on its distressed desk in London. The par and distressed loan desks at UBS are separate with the distressed loan group falling onto the public desk that handles the overall distressed product.