2023-08-09 22:22:53
Published on 08.08.2023
Estimated reading time: 1 minute
UBS » UBS provides initial information on the restructuring of its investment banking unit as part of the takeover and integration of Credit Suisse’s activities. The operation should result in many job cuts. The number one Swiss bank has appointed the new heads of the unit in charge of mergers and acquisitions and corporate financing operations.
According to a memorandum of information from the big bank obtained yesterday by the Archyde.com agency, then sent by UBS to the AWP agency, David Kostel and Christian Lesueur will co-direct the cover business (Coverage). Tom Churton will assume responsibility for the unit’s general staff, while Marc-Anthony Hourihan and Nestor Paz-Galindo will co-head the Mergers & Acquisitions (M&A) sector.
As part of the reorganization of the management bodies of the investment bank, several officials are leaving the establishment, including in particular the executive chairman of the Global Banking unit. However, the latter remains available to UBS until the end of the current quarter in order to ensure the transition.
UBS claims to have acted fairly towards former Credit Suisse employees, not relying solely on UBS executives for appointments. Thanks to these, UBS intends to accelerate its growth in North and South America as well as to increase its business in the fields of technology and health.
According to Archyde.com, hundreds of former Credit Suisse employees have moved to other institutions as UBS has made layoffs in the former bank’s investment banking unit around the world. awp/ats
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