BLOOMBERG/MINO SURKALA
UBS Group has cut about two dozen jobs in Europe over the last two weeks as Chief Executive Officer Sergio Ermotti restructures the investment bank after a poor performance this year, reported Bloomberg.
At least 10 of the cuts came at the equities trading division. Five positions were eliminated in Zurich, including three managing directors. The steps in Europe follow 40 jobs that UBS eliminated in the Asia-Pacific region, layoffs also began in New York several weeks ago, the people said.
A UBS spokesman reiterated that the main purpose of the restructuring was to combine the trading units and to make the banking side truly global again.
UBS is shifting senior management into co-head roles and combining trading operations at the investment bank, in an overhaul that may ultimately eliminate hundreds of positions.
The positions affected include executive directors and managing directors, with most business lines affected except research and the cuts in Europe started two weeks ago and continued this week.
As part of its investment bank restructuring, Ros L’Esperance and Javier Oficialdegui will be in charge of the newly named global banking division, which will include public capital markets, private financing and mergers and acquisitions.
A combined global markets operation, including equities and foreign exchange, rates and credit, will be headed up by Jason Barron and George Athanasopoulos.
UBS is pushing for increased collaboration between its deal-makers in the investment bank and the wealth-management unit in order to serve up investment products to its richest clients. It launched a Global Family Office division and a private markets unit to facilitate the interaction between the two divisions.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
KIZAD, ECI partner to support UAE businessesINVESTMENT
Fiat Chrysler, PSA explore a potential mergerINVESTMENT
Saudi Aramco plans to complete IPO this yearINVESTMENT
Emirates NBD’s launch of E20. credit positive
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
