UBS, the Swiss bank, is undergoing a significant transformation in its investment banking division following the integration of Credit Suisse. The restructuring aims to enhance UBS’s competitive position against Wall Street firms and capitalize on the opportunities presented by the rescue takeover of Credit Suisse earlier this year. As part of this shake-up, UBS is recruiting top bankers from rival firms and promoting internal talent from both UBS and Credit Suisse. However, the changes will also result in the departure of several staff members.
In light of the investment bank overhaul, David Kostel will become the global co-head of coverage, while Tom Churton will serve as the global chief of staff. Christian Lesueur, the former global head of TMT Investment Banking at UBS, has been promoted to global co-head of coverage and will retain oversight of technology, media, and telecoms. Nestor Paz-Galindo and Marc-Anthony Hourihan will be the global co-heads of M&A in the merged organization.
In the Americas, Solon Kentas and Jeff Hinton have been appointed as heads of mergers and acquisitions, and Brad Miller will serve as the head of equity capital markets. Michele Cousins will lead leveraged capital markets, while Anthony DeRosa and Yuriy Oren will be co-heads of leveraged finance. Notably, 12 of the more than 40 senior executives leading the Americas businesses come from Credit Suisse.
In APAC (Asia-Pacific), UBS has assembled a team with the intention of becoming the dominant player in the region. This team will vie with major Wall Street banks, which have had to downsize their banking workforce due to the recent decline in China dealmaking. Basolino, UBS’s head of global banking, will continue to lead the division, with John Lee and Kuan-Ern Tan appointed as co-heads of Asia country coverage.
UBS is expected to reduce its combined workforce by approximately 30%, with Credit Suisse’s investment bank, back office, and Swiss retail bank likely to be most affected. Hong Kong-based investment bankers at Credit Suisse face significant layoffs, with the cuts set to begin this week. UBS has already been laying off employees from Credit Suisse’s investment bank globally.
Additional changes at UBS include the appointment of Marc Warm as global co-head of leveraged and debt capital markets, and the appointment of Scott Lindsay and Robin Rankin as global M&A chairman. Overall, UBS’s restructuring reflects its commitment to strengthening its position in the global investment banking landscape.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
