UBS names leadership team for global banking division
UBS Group is revamping the leadership of its investment banking division, as the lender presses ahead with its integration of former rival Credit Suisse.
Among almost 40 appointments announced in a memo to employees on Monday (Aug 7) were five Credit Suisse bankers, including David Kostel, who was named global co-head of coverage and Tom Churton, who was named global chief of staff.
Michael Santini, executive chair of global banking, will step down by the end of the quarter, according to the memo seen by Bloomberg and confirmed by a spokesperson.
UBS also confirmed the following appointments for the global banking team:
- Brendan Connolly, remains global head of public capital markets
- Christian Lesueur, global co-head of coverage
- Marc-Anthony Hourihan, reappointed global co-head of M&A
- Nestor Paz-Galindo, stays as global co-head of M&A
- Simona Maellare, global co-head of the alternative capital group
- Terry Sullivan, global co-head of the alternative capital group
- Gaetano Bassolino, head of global banking, APAC
- Frances Later, global operating officer
- Ros L’Esperance as executive vice-chair for the investment bank will remain on the global banking leadership team, reporting to Rob Karofsky.
The new reshuffle comes as the Swiss bank implements a first round of job cuts for the combined lender, a consequence of the emergency and acquisition of Credit Suisse in March. About 200 bankers across the Credit Suisse investment banking division will lose their jobs, said a person familiar with the matter. Bloomberg previously reported that the Swiss bank was planning to start shedding headcount at the end of July in a first wave of cuts, with two more expected around September and October.
UBS has shown little appetite for Credit Suisse’s investment bank since the government-brokered deal. The bank said it would continue its own strategy of a smaller capital-light securities unit, and would only use Credit Suisse’s investment bank to reinforce its global business while managing the rest down.
While the acquisition of Credit Suisse has increased UBS’ workforce to about 120,000, the Swiss bank intends to ultimately reduce that by about 30 per cent, Bloomberg previously reported. UBS aims to reduce staff costs by about US$6 billion over the next several years.
The move also reflects plummeting revenue at the investment banking divisions across the globe, due to a slowdown in deal-making. Deal values have fallen more than 40 per cent this year – which led to Wall Street banks going in retrenchment mode, planning job cuts and hiring freezes. BLOOMBERG
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