Logos of Swiss banks UBS and Credit score Suisse are seen on an workplace constructing in Zurich, Switzerland March 19, 2023. REUTERS/Denis Balibouse
NEW YORK, Aug 4 (Reuters) – UBS Group AG (UBSG.S) is poised to make sweeping adjustments to the senior ranks of its funding banking division globally as quickly as Monday, marking a brand new milestone within the strategy of integrating Credit score Suisse, individuals acquainted with the matter stated.
The adjustments are geared toward producing unified groups following the completion of UBS's emergency takeover in June of Credit score Suisse.
The adjustments are broad and contain a number of dealmaking teams, together with healthcare, client/retail, monetary sponsors and fairness capital markets, the sources stated.
Beneath the shake-up some Credit score Suisse bankers will tackle greater roles within the mixed firm whereas some others go away, the sources stated. Some UBS bankers will go away the agency on account of the reshuffling, the sources stated.
The restructuring is the most recent transfer by CEO Sergio Ermotti to combine UBS and Credit score Suisse in a course of that the financial institution has stated could be painful, with tens of 1000's of jobs hanging within the steadiness.
One of many crew heads who's in discussions about doubtlessly exiting is UBS's international head of client merchandise and retail offers, Jeff Rose, two of the sources stated. Jon Levin, who has served as Credit score Suisse's head of retail funding banking, is in talks to switch him, the sources added.
Matt Eilers, UBS's international head of monetary sponsors, can also be in talks about presumably leaving, two of the sources stated. Rob DiGia, UBS's international head of healthcare, will stay with the financial institution and is in talks about assuming a chairman-level function, in keeping with two separate sources amongst these acquainted with the matter.
The sources cautioned that the adjustments haven't been finalized and particulars of restructuring remained in flux. They requested to not be recognized forward of an official announcement. Rose, Levin, Eilers and DiGia didn't reply to requests for remark. A UBS spokeswoman declined to remark.
Reuters reported earlier on Friday on the reshuffling of one of many groups, UBS's expertise, media and telecommunications (TMT) group. The financial institution is in talks to call Laurence Braham, who joined the Swiss financial institution from Barclays Plc (BARC.L) earlier this yr, as international co-head of expertise, individuals acquainted with the matter stated.
His co-head could be Christian Lesueur, who has been international head of TMT funding banking, the sources added. Steve Pettigrew, who simply joined UBS from Financial institution of America Corp (BAC.N), could be main software program M&A beneath Braham, in keeping with the sources. Neil Meyer, who labored alongside Braham at Barclays and adopted him to UBS, would co-lead media and communications dealmaking globally alongside Lesueur, the sources stated.
UBS has been making an attempt to regain dealmaking market share. It ranked eighth in Refinitiv's international mergers and acquisitions league desk within the first half of 2023, down from sixth a yr earlier. Within the Americas, UBS was 14th within the first half, down from seventh a yr earlier.
UBS's financial savings targets and indications from insiders and analysts counsel it may be slicing a couple of third of the mixed group's international workforce, or some 30,000-35,000 jobs, Reuters reported on Thursday.
Reporting by Abigail Summerville, Milana Vinn and David Carnevali in New York; Enhancing by Leslie Adler
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