Former House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has joined the American subsidiary of Swiss bank UBS.
“Jeb will work closely with our leadership team, Financial Advisors and bankers to build and strengthen our most important client relationships across our businesses,” said Tom Naratil, president of UBS Americas, in a press release announcing the hiring. “With a long career in both politics and business, Jeb will be a great addition to our shared efforts to deliver insights and ideas that differentiate UBS in the eyes of our clients.”
Hensarling, known as a staunch conservative and a critic of regulation of the financial sector, will serve as executive vice chairman of the bank’s Americas group.
“I’m looking forward to starting a new career in banking and am grateful for the opportunity to join UBS Americas,” said Hensarling in the same release. “It is exciting for me to be able to join the world’s leading wealth management firm and to work with some of the most talented people in the financial services industry.”
Hensarling’s move into finance echoes that of his political mentor, former Sen. Phil Gramm, R-Texas, who worked as vice chairman of UBS’ investment bank from his 2002 Senate departure until 2012. It also parallels the path of Hensarling’s former colleague in House leadership, Eric Cantor, R-Va. Cantor, the former House Majority Leader, is now the vice chairman of Moelis and Company, an investment bank.
Before becoming chairman of the Financial Services Committee, Hensarling was chairman of the House Republican Conference, a leadership role, and chairman of the Republican Study Committee, an influential conservative group within the House Republican Conference. Hensarling retired at the end of the last Congress after reaching the six year term limit congressional Republicans impose on chairs of committees.
Prior to his eight terms in Congress, Hensarling led investor relations for a hedge fund, communications for an energy firm, and was a senior aide and campaign manager to Gramm.
Hensarling, a native Texan, will be based in UBS’ Dallas office.
