UBS Group AG is revamping the leadership of its investment banking division, as the lender presses ahead with its integration of former rival Credit Suisse.
(Bloomberg) — UBS Group AG 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 Monday were six 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 memo is the latest communication from UBS on changes as it absorbs the businesses it acquired from its stricken rival. UBS has previously said it plans to downsize Credit Suisse’s investment bank and put its bankers through a “culture filter” to weed out undesirable practices. The lender is due to give further details on the integration plans on Aug. 31 when it reports combined second-quarter earnings.
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 their global business while managing the rest down.
The bank is also weighing a plan to cut about two-thirds of Credit Suisse’s investment bankers in the Asia Pacific region, which would cost around 200 jobs over the next couple of months, Bloomberg reported earlier.
Read More: UBS to Cut Two-Thirds of Credit Suisse Dealmakers in Asia
While the acquisition of Credit Suisse has increased UBS’s workforce to about 120,000, the Swiss bank intends to ultimately reduce that by about 30%, Bloomberg has reported. UBS aims to reduce staff costs by about $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% this year which led to Wall Street banks going in retrenchment mode, planning job cuts and hiring freezes.
Read more: Dealmakers Adrift as $1 Trillion Vanishes in First-Half
UBS also appointed or re-appointed the following people to leadership roles:
- Jon Levin, global head of consumer & retail
- Laurent Bouvier, global head of ESG advisory
- Terry Sullivan, global head of financial institutions group
- Philippe Chryssicopoulos, global co-head of global industries group
- Eric Moskal, global co-head of global industries group
- David Kostel, global head of healthcare in addition to his role as global co-head of coverage
- Christian Lesueur, global co-head of media & telecoms and global co-head of technology
- Laurence Braham, global co-head of technology
- Neil Meyer, global co-head of media & telecoms
- Fergus Horrobin, global head of real estate, lodging & leisure
- Gareth McCartney, global co-head of equity capital markets
- Jeff Mortara, global co-head of equity capital markets
- David Slade, global co-head of leveraged and debt capital markets
- Marc Warm, global co-head of leveraged and debt capital markets
- Jason Hutchings, global head of private financing markets and head of GFIW capabilities
- Kevin Kuryla, global head of the private funds group
- Charles Otton, head of GFIW Americas and Chairman of global industries group
- Kelvin Barry, co-head of GB, Australia & New Zealand
- Richard Sleijpen, co-head of GB, Australia & New Zealand
- Ian Carnegie-Brown, Chairman, global consumer & retail
- Philippe Drouin, Chairman, global consumer & retail
- Rob DiGia, Chairman, global healthcare
- Scott Lindsay, Chairman, global M&A
- Robin Rankin, Chairman, global M&A
- Alice Crawley, global head of IB business selection and reputational risk
- Leslie Hughes, chief of staff, GB Americas and global head of talent management
(Adds Asia job cut plans. An earlier version of this story corrected the number of former Credit Suisse bankers in second paragraph)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.