Credit Suisse acquisition: UBS Group AG to restructure investment bank lineup next week, says report

Credit Suisse takeover: Switzerland-based UBS Group AG is reportedly making significant changes in its top order in the investment banking division globally early next week in view of the Credit Suisse acquisition. The process will mark a new milestone in the process of Credit Suisse-UBS integration, Reuters reported. 

These changes are being made to put unified teams in place following the completion of UBS's emergency takeover in June of Credit Suisse. 

The recent set of decisions and amendments involve several dealmaking groups, including healthcare, consumer/retail, financial sponsors and equity capital markets, Reuters report said. 

Earlier this week it was reported that UBS Group is reshuffling its technology, media and telecommunications (TMT) team, elevating some bankers who joined this year as the Swiss bank charts its strategy following its takeover of Credit Suisse. 

UBS is in talks to name Laurence Braham, who joined the Swiss bank from Barclays Plc earlier this year, as global co-head of technology, Reuters reported. His co-head would be Christian Lesueur, who has been serving as global head of TMT investment banking. Steve Pettigrew, who just joined UBS from Bank of America Corp, would be leading software M&A under Braham, sources quoted by the report said. 

Swiss banking giant UBS Group has laid off employees from Credit Suisse investment bank in New York.

In June this year, UBS Group AG completed the legal takeover of longtime rival Credit Suisse Group AG. UBS decided to take over Credit Suisse in March in an emergency sale brokered by the government, after a confidence crisis and a torrent of client outflows sent it hurtling toward bankruptcy. 

“We will bring together the collective expertise, scale and wealth management leadership of both UBS and Credit Suisse to create an even stronger combined firm,” the UBS board chair Colm Kelleher and CEO Sergio Ermotti said in an open letter in June.  

Earlier this week, Credit Suisse started broad layoffs in New York. UBS has also decided to shut down Credit Suisse's Houston office. 

UBS's savings targets and indications from insiders and analysts suggest it might be looking at slashing about a third of the combined group's global workforce, or some 30,000-35,000 jobs, Reuters said on Thursday. 

UBS’s acquisition of Credit Suisse in June created a Swiss banking and wealth management group with a combined balance sheet of $1.6 trillion and assets exceeding $5 trillion. 

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