The reorganization of UBS investment banking is proceeding. It’s eliminated some duplicate US staffing, but the big cutback is looming.
According to a Bloomberg report, UBS has eliminated about a dozen investment banking jobs in the US in connection with the integration of Credit Suisse. The bank declined to comment to the news outlet on the matter.
According to the sources who asked not to be named, many of the affected positions are in overlapping areas. No names were given.
If the report is true, the reorganization of traditional investment banking with corporate advisory and capital market transactions is proceeding. UBS is trying to combine the best of both banking worlds, but when it comes to Credit Suisse trading, UBS will show little mercy and will wind up the unit.
At the same time, numerous UBS investment bankers in New York are about to move, with the entire team decamping to the former Credit Suisse offices at 11 Madison Avenue.