The star trader UBS won in a bidding war has gone on his way

18 March 2026

2 minute read

Jonas Klink has left UBS. It's not clear why, but some new people are doing his job in London.

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UBS declined to comment on Klink's whereabouts. It's understood that Adam Krawiec is the bank's new head of SSA and covered bond trading, effective immediately and that Kilian Frensch is its new head of EUR & GBP flow rates trading, effectively immediately.

Both roles were formerly the domain of Klink, who was UBS's head of EUR and GBP linear rates trading. He did not respond to a request to comment.

We don't know whether UBS's intended Klink's departure. It wasn't so long ago that the Swiss bank was said to pay $2m for him in a frenzy of bidding to entice him away from Citi. It's also not so long ago that it's thought to have paid Klink and his team handsomely for generating $80m in profits last year.

Klink is not today's only exit. We understand that Jess Eagel, the head of US flow rates trading also took flight.

UBS's rates team is in a period of flux. At least eleven people have now left in the past year and risk takers are thought to be thin on the ground. Shane O’Cuinn, who once ran Credit Suisse's small macro business before running Credit Suisse's non-core unit, is now in charge of the UBS rates business. O’Cuinn is thought to have hired Frensch, who also once worked for Credit Suisse.

Many of those exiting UBS are thought to have done so by choice.

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