UBS nears major investment-bank restructuring: report

Original Article:

Source: Link

Swiss multinational bank UBS Group AG is close to making major changes within the senior ranks of its global investment banking division, Reuters reports, citing people familiar with the changes. The announcement, seen as part of its continued integration of Credit Suisse after an emergency takeover in June, could come as soon as Monday, the report said. Also read: UBS completes takeover of Credit Suisse as job cuts loom The changes are broad and involve several deal-making groups, including healthcare, consumer and retail, financial sponsors and equity capital markets, the sources told Reuters. One of the team heads in discussions about potentially exiting is Jeff Rose, UBS’s global head of consumer products and retail deals, the report said. Jon Levin, who has served as Credit Suisse’s head of retail investment banking, is reportedly in talks to replace him. Matt Eilers, UBS’s global head of financial sponsors, is also in talks about possibly leaving, two of the sources said. Rob DiGia, UBS’s global head of healthcare, will remain with the bank and is in talks about assuming a chairman-level role, according to two separate sources, Reuters said. Related: Megabank head count holds nearly steady in second quarter as lenders compete for business Reuters reported separately earlier on Friday on the reshuffling of one of the teams, UBS’s technology, media and telecommunications group. The bank is in talks to name Laurence Braham, who joined the Swiss bank from Barclays Plc BARC, +1.06% earlier this year, as global co-head of technology, people familiar with the matter said. UBS, according to a late June report, had prepared to cut more than half of Credit Suisse’s workforce and about 35,000 jobs, or 30%, of the combined staff of the two banks this summer now that the merger deal had closed. U.S.-traded shares of UBS are 17% in the year to date. The S&P 500 SPX is up about 16% in the same timespan.