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By Brenna Hughes Neghaiwi and Oliver Hirt
Sept 4 (Reuters) - Switzerland's UBS plans another
shake-up of its investment banking arm to help boost earnings
and curb costs after tough market conditions precipitated a
performance dip.
The world's largest investment banks have had their worst
start to a year since 2006, the latest data published by
industry analyst Coalition on Thursday shows.
"What's been communicated today was a reorganisation, which
did not include a specific number of job cuts," a person
familiar with the matter said, adding that the restructuring
would be carried out by the end of the year.
Switzerland's largest bank has shaken up its investment bank
several times since the appointment of former investment banker
Sergio Ermotti as chief executive in 2011, who implemented an
overhaul including sweeping job cuts soon after taking over.
UBS declined to comment on the latest planned revamp and an
earlier Financial Times report that it would be announced on
Thursday and could result in hundreds of job cuts at the group's
investment bank, especially within its higher ranks.
The Swiss bank's main equities unit will be merged with its
smaller foreign exchange, rates and credit trading (FRC)
operations to form a single 'Global Markets' securities and
trading unit, people familiar with the matter said.
On the advisory side, Ros Stephenson and Javier Oficialdegui
would be named global co-heads of the newly renamed Global
Banking unit, overseeing global M&A, IPOs and capital markets
activities, they added.
Debt and equity capital markets will be combined into one
global unit led by Brendan Connolly, formerly the head of
leveraged debt capital markets.
Piero Novelli and Robert Karofsky, who assumed joint
leadership of the overall investment bank after Andrea Orcel's
departure last year, will remain in their roles.
Several major banks have cut jobs in their investment
banking divisions in response to weak results, including
Deutsche Bank, HSBC, Societe Generale
and Citigroup.
UBS has already been making changes and last week appointed
former Credit Suisse manager Iqbal Khan to co-lead its
flagship wealth management business, as part of a broader
shake-up of its executive board.
The revamp helped address questions about succession
planning for UBS CEO Ermotti, and drum up enthusiasm for the
world's largest wealth manager.
UBS has faced challenges ranging from sluggish client
trading to a multi-billion court case in France in recent years
and client activity has remained subdued of late, one executive
said, adding: "There is no reason for them to be optimistic".
(Reporting by Brenna Hughes Neghaiwi, Oliver Hirt and Michael
Shields in Zurich and Aishwarya Nair in Bengaluru ;
Editing by Marguerita Choy)
