UBS (NYSE: UBS) plans to open an office in Menlo Park, Calif., and hired Sean Lynch from Barclays (NYSE: BCS) to bolster its business advising technology companies ahead of a predicted revival in dealmaking and IPOs.

Some staff currently working out of UBS’s San Francisco offices will be moved to the new location, Bloomberg News reported. UBS has hired Barclays’ Lynch, who covers companies including Uber Technologies Inc. (NYSE: UBER) and Tesla Inc. (Nasdaq: TSLA), amid the efforts to expand, as reported by Bloomberg. Banks are preparing for a rebound in deals following a prolonged slump that prompted many to shed thousands of jobs. Rival firms, including Morgan Stanley (NYSE: MS), have used a Silicon Valley presence to court tech companies. JPMorgan (NYSE: JPM) has opened a Palo Alto campus.