Reuters gets exclusive on former top UBS executive Costas

Reuters delivered an exclusive interview on July 26 with John Costas, who engineered the expansion of UBS on Wall Street but also oversaw the failure of hedge fund Dillon Read. Speaking publicly for the first time since his bitter departure from UBS, Costas contended he should not be blamed for UBS subsequent credit mess and showed why the trading unit had been a success. The interview story also broke news of Costas launch of a new investment bank boutique, his prediction of a wave of consolidation among smaller firms and his ambition to build a mid-sized bank akin to DLJ or Jefferies.