CIBC World Markets said Tuesday that it hired seven former employees of Union Bank of Switzerland's telecommunications team for its own global telecom group.

Robert B. Nolan, former head of UBS' telecommunications investment banking unit, was hired as a managing director. Mr. Nolan will co-head CIBC's expanded telecom unit with its current managing director, Robert W. Stuart.

Also joining as a managing director is Bruce Eatroff. Thomas P. O'Shea and Christopher H. Ruth are coming aboard as directors.

Three more former UBS employees will join CIBC World Markets in New York as part of the telecommunication group's execution team. With the new hires, CIBC's telecommunications group nearly doubles in size from nine people to 16, five of whom are based in Los Angeles.

"We are absolutely committed to becoming a leader in the U.S. investment banking marketplace," said Paul Rogers, CIBC's head of U.S. investment banking.

CIBC World Markets is the investment banking subsidiary of Canadian Imperial Bank of Commerce.

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