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Business News

Vodafone's millionaire banker, Simon Warshaw, quits UBS

One of the best-paid bankers in Britain quit UBS last night just weeks after fuelling his bonus by advising on Vodafone's $130bn (£81bn) sale of its Verizon division.

It is thought that Simon Warshaw, 47, is in line for a multimillion pound bonus from the deal, in which he led a team of UBS bankers.

Mr Warshaw was co-head of investment banking at UBS and, in his time at the bank, built up its media and telecoms advisory business, becoming one of the most powerful people in the media world in his own right. He leaves less than a year after being shifted in a reshuffle led by the then-new investment bank chief Andrea Orcel. It was reported last night that Mr Warshaw was looking to set up his own boutique to advise clients on takeovers and fundraisings.

If that proves to be the case, he will be following the path of Paul Taubman, another hugely well connected banker to telecoms giants. Mr Taubman quit Morgan Stanley last year after what looked like a power struggle. He set up his own "shop" and earned himself what could be an even bigger bonus than Mr Warshaw's from advising Verizon on the Vodafone deal.

Mr Orcel said Mr Warshaw would continue working with UBS on a number of key clients and projects.

Mr Warshaw started at SG Warburg, joining UBS as a trainee in 1986.