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UBS nears major investment bank restructuring
August 07, 2023
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.
The changes are broad and involve several dealmaking groups, including healthcare, consumer/retail, financial sponsors and equity capital markets, the sources said.
Under the shake-up some Credit Suisse bankers will take on bigger roles in the combined company while some others leave, the sources said. Some UBS bankers will leave the firm as a result of the reshuffling, the sources said.
The restructuring is the latest move by CEO Sergio Ermotti to integrate UBS and Credit Suisse in a process that the bank has said would be painful, with tens of thousands of jobs hanging in the balance.
One of the team heads who is in discussions about potentially exiting is UBS’s global head of consumer products and retail deals, Jeff Rose, two of the sources said. Jon Levin, who has served as Credit Suisse’s head of retail investment banking, is in talks to replace him, the sources added.
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