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UBS Group AG is poised to make sweeping changes to the senior ranks of its investment banking division globally as soon as Monday, marking a new milestone in the process of integrating Credit...
UBS Group AG is poised to make sweeping changes to the senior ranks of its investment banking division globally as soon as Monday, marking a new milestone in the process of integrating Credit Suisse, people familiar with the matter said. The changes are aimed at producing unified teams following the completion of UBS's emergency takeover in June of Credit Suisse. Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said.
(Bloomberg) -- UBS Group AG is set to make management changes to its investment banking division as soon as Monday, with several senior bankers in talks to leave, Reuters reported, citing people familiar with the matter.Most Read from BloombergS&P 500 Wipes Out Almost 1% Gain; Bond Yields Drop: Markets WrapTrump Cites Self Incrimination Concern in Lawsuit Against CohenElon Musk Says Treasury Bills Are ‘No-Brainer’Apple Faces Longest Sales Drop in Decades as iPhone SlumpsCredit Suisse Collapsed,
The changes are broad and involve several dealmaking groups, including healthcare, consumer/retail, financial sponsors and equity capital markets, the sources said.
UBS Group AG is set to restructure its investment banking division, integrating Credit Suisse teams after an emergency takeover. Changes include personnel shifts in dealmaking groups and potential exits of certain bankers. CEO Sergio Ermotti aims to unify the two entities, with job cuts estimated at 30,000-35,000.