Unique: UBS nears main funding financial institution restructuring

Angelena Iglesia
Unique: UBS nears main funding financial institution restructuring

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 modifications to the senior ranks of its funding banking division globally as quickly as Monday, marking a brand new milestone within the technique of integrating Credit score Suisse, individuals acquainted with the matter mentioned.

The modifications are geared toward producing unified groups following the completion of UBS’s emergency takeover in June of Credit score Suisse.

The modifications are broad and contain a number of dealmaking teams, together with healthcare, shopper/retail, monetary sponsors and fairness capital markets, the sources mentioned.

Beneath the shake-up some Credit score Suisse bankers will tackle greater roles within the mixed firm whereas some others depart, the sources mentioned. Some UBS bankers will depart the agency on account of the reshuffling, the sources mentioned.

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 mentioned can be painful, with tens of 1000’s of jobs hanging within the stability.

One of many group heads who’s in discussions about probably exiting is UBS’s international head of shopper merchandise and retail offers, Jeff Rose, two of the sources mentioned. Jon Levin, who has served as Credit score Suisse’s head of retail funding banking, is in talks to interchange him, the sources added.

Matt Eilers, UBS’s international head of economic sponsors, can also be in talks about presumably leaving, two of the sources mentioned. Rob DiGia, UBS’s international head of healthcare, will stay with the financial institution and is in talks about assuming a chairman-level function, based on two separate sources amongst these acquainted with the matter.

The sources cautioned that the modifications 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 know-how, 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 know-how, individuals acquainted with the matter mentioned.

His co-head can 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), can be main software program M&A beneath Braham, based on 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 mentioned.

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 is perhaps slicing a few 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; Modifying by Leslie Adler

Our Requirements: The Thomson Reuters Belief Rules.

Abigail is on the M&A group and writes about shopper and retail offers. She joined Reuters in 2022 from Debtwire the place she coated leveraged finance and the first debt marketplace for three years. Beforehand, her work has appeared within the Wall Road Journal, CNBC and the Boston Enterprise Journal. She majored in enterprise journalism at Washington and Lee College. Contact: 332-261-5948

Milana Vinn stories on know-how, media, and telecom (TMT) mergers and acquisitions. Her content material normally seems within the markets and offers sections of the web site. Milana beforehand labored at GLG and PE Hub, the place she spent a number of years masking TMT offers in non-public fairness. She graduated from CUNY Graduate College of Journalism with Masters in Enterprise Journalism.
Contact: 347-463-7957

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