In a significant move toward the integration of Credit Suisse following its emergency takeover by UBS Group AG in June, the Swiss banking giant is reportedly set to announce substantial changes within its investment banking division as early as Monday, Reuters reported.
The proposed restructuring aims to establish cohesive teams after the completion of the merger and encompasses various dealmaking groups such as healthcare, consumer/retail, financial sponsors, and equity capital markets. While some Credit Suisse bankers are anticipated to assume larger roles within the consolidated entity, others are expected to exit. Similarly, certain UBS bankers may also depart due to the reshuffling.
These anticipated shifts underscore CEO Sergio Ermotti's ongoing efforts to navigate the challenging integration process between UBS and Credit Suisse, a process acknowledged to carry significant workforce implications.
Among the changes, Jeff Rose, UBS's global head of consumer products and retail deals, is reportedly considering an exit, with discussions underway to potentially replace him with Jon Levin, who previously served as Credit Suisse's head of retail investment banking.
In a parallel development, Laurence Braham, recently appointed from Barclays Plc, is poised to be named global co-head of technology for UBS's technology, media, and telecommunications (TMT) group. Christian Lesueur, the existing global head of TMT investment banking, would be his co-head, with Steve Pettigrew overseeing software M&A and Neil Meyer co-leading media and communications dealmaking globally.
Notably, UBS has been striving to reclaim its position in dealmaking, with recent rankings reflecting a decline in global mergers and acquisitions league tables. The integration process also seems to suggest a potential reduction of up to a third of the combined workforce, amounting to around 30,000 to 35,000 jobs.
As the details continue to evolve, an official announcement is yet to be made. The sources, requesting anonymity, cautioned that the restructuring plans are subject to change. Spokespeople for the involved individuals and UBS declined to comment on the matter.
(Inputs from Reuters)
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