UBS PaineWebber Chairman Joseph Grano announced that the firm is going to hire up to 500 brokers during the next year.

Grano says the firm is taking advantage of the pool of experienced brokers in the market who were let go by rival firms. He also said the salary and bonuses used to attract top producers have diminished, giving the firm additional incentive to hire more brokers.

UBS PaineWebber has about 8,700 brokers. The firm views the state of the industry as an opportunity to “expand" its business and "gain market share,'' according to spokesperson David Walker.