UBS, one of Switzerland’s leading banks, has announced a major restructuring of its investment banking division. This move comes as UBS seeks to integrate Credit Suisse after its rescue takeover in March. The aim is to improve UBS’s competitiveness against Wall Street firms. The bank will be hiring top bankers from rival companies and promoting staff from within both UBS and Credit Suisse. However, this overhaul will also result in hundreds of employees leaving the organization.
As part of the restructuring, key appointments have been made. David Kostel and Tom Churton, both from Credit Suisse, will take on important leadership roles within UBS’s investment banking division. Christian Lesueur, previously the Global Head of TMT Investment Banking at UBS, will be elevated to a global co-head role. Meanwhile, Nestor Paz-Galindo and Marc-Anthony Hourihan will become global co-heads of M&A in the merged organization.
UBS has also made significant changes within its Americas businesses. Solon Kentas and Jeff Hinton have been appointed as heads of M&A, while Brad Miller will take charge of equity capital markets. Additionally, Michele Cousins will lead leveraged capital markets in the Americas, and Anthony DeRosa and Yuriy Oren will be co-heads of leveraged finance.
In Asia-Pacific, UBS has assembled a strong team with the goal of becoming a leading player in the region. John Lee, previously UBS’s Vice Chairman and Head of Greater China, will co-head Asia country coverage alongside former Credit Suisse banker Kuan-Ern Tan. Keith Leung, formerly Head of North Asia M&A at Credit Suisse, will remain on UBS’s M&A team. Christian Deiss, former Head of Asia-Pacific M&A at Credit Suisse, will take on the role of co-head of global industries group Asia.
It is anticipated that UBS will reduce its combined workforce by approximately 30% as a result of these changes. The investment bank at Credit Suisse, as well as its back office and Swiss retail bank, are expected to be the most heavily impacted. Already, hundreds of Credit Suisse bankers have left for other institutions, and UBS has initiated layoffs within Credit Suisse’s investment bank worldwide.
Despite these challenges, UBS remains determined to reshape its investment banking division and position itself strongly in the market. With a strategic focus on hiring top talent and streamlining operations, the bank aims to enhance its competitiveness on a global scale.
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