UBS is hiring in equity sales. And not only is it hiring, it has actually hired - no fewer than two executive directors in equity sales from Morgan Stanley and Citigroup.
How did it manage to achieve this, given ongoing doubts over the strategy for its investment bank and expectations of a second quarter loss?
It undoubtedly helps that UBS remains the leader in European equities trading, and the equities remain an area of focus for it.
However, recruiters say UBS is also rendered appealing by its newly inflated salaries.
"Together with Morgan Stanley, they've raised base pay the most," says one equities headhunter.
He adds: "They're paying £300k for an MD, and £150k for a director. That in itself is attractive. They're also writing guarantees."
Another equities headhunter says UBS has increased pay for some MDs in equities to £330k in an attempt to prevent poaching by the likes of BarCap.