UBS Group AG is prepared to immediately begin a global shake-up of the senior echelons of its investment banking sector, a significant step forward in the integration of Credit Suisse, according to persons acquainted with the situation.

After UBS’s emergency takeover of Credit Suisse was completed in June, the modifications are meant to create united teams.

According to the sources, the revisions span a number of dealmaking sectors, including healthcare, consumer and retail, financial sponsors, and equity capital markets.

According to the sources, some Credit Suisse bankers would move up in the combined business while others leave as a result of the restructuring. The reorganisation will cause several UBS bankers to depart the company, according to the sources.

The restructure represents CEO Sergio Ermotti’s most recent attempt to merge UBS and Credit Suisse, a process that the bank has warned will be difficult and leave tens of thousands of employees in jeopardy.

Jeff Rose, the global head of consumer products and retail partnerships at UBS, is one of the team heads who is reportedly in talks about perhaps leaving. The sources also stated that Jon Levin, who formerly oversaw Credit Suisse’s retail investment banking, is in talks to take his place.

According to two of the sources, Matt Eilers, the global head of financial sponsors at UBS, is also in discussions over a potential departure.

According to two different sources among those aware with the situation, Rob DiGia, UBS’s global head of healthcare, will stay with the company and is in discussions about taking on a chairman-level position.

The sources emphasised that details of the restructuring were still being worked out and that the modifications had not yet been finalised. They requested anonymity until a formal announcement. Requests for comment from DiGia, Levin, Eilers, and Rose went unanswered. A spokesperson at UBS declined to comment.

The technology, media, and telecommunications (TMT) business at UBS was one of the teams that was reorganised, according to Reuters earlier on Friday. Laurence Braham, who joined the Swiss bank from Barclays Plc (BARC.L) early this year, is being considered for the position of global co-head of technology, according to people with knowledge of the situation.

Christian Lesueur, who formerly served as the global head of TMT investment banking, would serve as his co-head, the sources continued. According to the sources, Steve Pettigrew, who just joined UBS from Bank of America Corp., would oversee software M&A. The sources stated that Neil Meyer, who worked with Braham at Barclays and then followed him to UBS, will co-lead media and communications dealmaking internationally with Lesueur.

UBS has been attempting to reclaim market share in dealmaking. It dropped from sixth place a year earlier to eighth place in Refinitiv’s worldwide mergers and acquisitions league table for the first half of 2023. UBS ranked 14th in the Americas for the first half, down from seventh the previous year.

According to Reuters, UBS may be considering eliminating between 30,000 and 35,000 positions, or approximately a third of the merged group’s global staff, in order to meet its savings goals.

(Adapted from Reuters.com)