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Logos of Swiss banks UBS and Credit score Suisse are seen in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File picture
LONDON/NEW YORK -UBS on Monday introduced an overhaul of its funding banking division, together with naming the unit’s M&A chiefs, marking a key step in integrating Credit score Suisse.
UBS CEO Sergio Ermotti is seizing on the chance offered by the rescue takeover of Credit score Suisse in March to reorganize its funding financial institution to higher compete towards Wall Road corporations.
UBS is hiring prime bankers from rivals in addition to selling workers from inside its ranks and Credit score Suisse as a part of the shake-up, which may also result in tons of leaving.
Because of the funding financial institution overhaul, Credit score Suisse’s David Kostel will develop into world co-head of protection, whereas Tom Churton, additionally from Credit score Suisse, was named world chief of workers, a memo to workers seen by Reuters confirmed.
Christian Lesueur, who was world head of TMT Funding Banking at UBS, has been promoted to world co-head of protection and can proceed to supervise expertise, media and telecoms, which can now be cut up into two teams.
Nestor Paz-Galindo and Marc-Anthony Hourihan will likely be global-co-heads of M&A within the merged group.
UBS mentioned Michael Santini, former govt chair of worldwide banking, is amongst executives who will depart because of the modifications, a few of which had been reported on by Reuters on Friday.
Within the Americas, UBS appointed Solon Kentas and Jeff Hinton as heads of mergers and acquisitions and Brad Miller as head of fairness capital markets. Michele Cousins will lead leveraged capital markets within the Americas and Anthony DeRosa and Yuriy Oren will likely be co-heads of leveraged finance, in response to a separate memo.
Among the many group of greater than 40 senior executives introduced by UBS to steer the Americas companies, 12 got here from Credit score Suisse.
Within the Americas, the monetary establishments group chief will likely be Vik Hebatpuria; Emre Gunalp will lead world industries; Seth Damergy and Jason English will co-head healthcare; and Max Justicz and Diron Jebejian will lead the monetary sponsor group.
Among the many world group heads primarily based within the Americas, UBS appointed Terry Sullivan as world head of the monetary establishments group, and David Kostel as world head of healthcare. Shopper and retail will likely be led globally by John Levin, the memo added, and TMT can have Neil Meyer as world co-head.
In APAC, UBS has put collectively a group which its regional head Gaetano Bassolino mentioned “has the potential to be the undisputed chief” as a result of “mixed footprint and complimentary platforms” within the area.
The road-up is tasked to compete with main Wall Road banks which needed to launch rounds of layoffs to downsize their banking workforce since late final 12 months amid China dealmaking hunch.
UBS veteran Basolino stays head of worldwide banking. John Lee, who was UBS vice chairman and head of Larger China, and former Credit score Suisse banker Kuan-Ern Tan will co-head Asia nation protection, in response to an inside memo despatched by Basolino, which was seen by Reuters.
Former Credit score Suisse head of North Asia M&A, Keith Leung, will stay on UBS M&A group, which can proceed to be co-headed by Samson Lo and Nick Brown, the memo mentioned.
Christian Deiss, former Credit score Suisse head of Asia-Pacific M&A, will take a brand new function of co-head of worldwide industries group Asia.
Former Credit score Suisse head of Asia-Pacific TMT, Allan Chu will head UBS TMT sector protection collectively with Axel Granger and Tim McKessar, the memo mentioned.
A Hong Kong-based UBS spokesperson declined to remark.
UBS might axe round 30% of its mixed workforce, which has expanded to 120,000 after the state-brokered rescue, Reuters reported in June, with Credit score Suisse’s funding financial institution, again workplace, and its Swiss retail financial institution seemingly taking the largest hit.
Tons of of Credit score Suisse bankers have already left to different establishments and UBS has been shedding staff from Credit score Suisse’s funding financial institution across the globe.
Round 80% of Hong Kong-based funding banking workers at Credit score Suisse will likely be laid off and the cuts will begin from this week, Reuters additionally reported on Monday, citing two individuals with data of the matter.
Hong Kong makes up Credit score Suisse’s largest share of funding bankers in Asia.
Different UBS modifications introduced on Monday embody Marc Heat, who will be a part of David Slade as world co-head of leveraged and debt capital markets, whereas Scott Lindsay and Robin Rankin will each be world M&A boss.
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