Head to head: Richard Capone of UBS and Carter McClelland of DMG at war on the streets of New York
When Union Bank of Switzerland (UBS) and Deutsche Morgan Grenfell (DMG) became the first foreign institutions to break into the top 10 for underwriting US investment-grade corporate debt, it was a sure sign that their strategies for cracking into the US bulge bracket were on target. But the two European giants’ close proximity in the league tables with UBS ranking ninth and DMG in 10th place during the third quarter only highlighted their fierce competition in the US.
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