© Reuters. Logos of Swiss banks UBS and Credit score Suisse are seen on an workplace constructing in Zurich, Switzerland March 19, 2023. REUTERS/Denis Balibouse
By Abigail Summerville, Milana Vinn and David Carnevali
NEW YORK (Reuters) – UBS Group AG (SIX:) 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 means of integrating Credit score Suisse, individuals acquainted with the matter mentioned. The modifications are aimed 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, client/retail, monetary sponsors and fairness capital markets, the sources mentioned.
Underneath the shake-up some Credit score Suisse bankers will tackle larger roles within the mixed firm whereas some others go away, the sources mentioned. Some UBS bankers will go away 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 could be painful, with tens of 1000’s of jobs hanging within the steadiness.
One of many workforce heads who’s in discussions about probably exiting is UBS’s world head of client 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 world head of monetary sponsors, can also be in talks about probably leaving, two of the sources mentioned. Rob DiGia, UBS’s world 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 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 expertise, media and telecommunications (TMT) group. The financial institution is in talks to call Laurence Braham, who joined the Swiss financial institution from Barclays (LON:) Plc earlier this yr, as world co-head of expertise, individuals acquainted with the matter mentioned.
His co-head could be Christian Lesueur, who has been world head of TMT funding banking, the sources added. Steve Pettigrew, who simply joined UBS from Financial institution of America Corp (NYSE:), could be main software program M&A underneath 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 mentioned.
UBS has been making an attempt to regain dealmaking market share. It ranked eighth in Refinitiv’s world 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 recommend it may be chopping a couple of third of the mixed group’s world workforce, or some 30,000-35,000 jobs, Reuters reported on Thursday.