UBS has embarked on a sweeping overhaul of its investment bank, reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions, people with knowledge of the plan said earlier. Citigroup Inc., Deutsche Bank AG and HSBC Holdings Plc are also cutting staff to rein in costs as the industry deals with difficult trading conditions, sputtering economies and the impact of trade tensions on cross-border deals.
Mark Panday, a Hong Kong-based spokesman at UBS, declined to comment.
As part of its global restructure, Ros L’Esperance and Javier Oficialdegui are being given charge of the newly-named global banking division, which will house public capital markets, private financing and mergers and acquisitions. A combined global markets operation including equities and foreign exchange, rates and credit will be run by Jason Barron and George Athanasopoulos.
Greg Peirce is taking over as global head of mergers and acquisitions, the first time that role will be based in Hong Kong, the person said. The Asian staff reductions have already begun, with a fresh round expected later this month, they said.
