© Reuters. The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann
By Milana Vinn
NEW YORK (Reuters) – UBS Group AG (SIX:) 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, people familiar with the matter said on Friday.
The changes are part of a broader shake-up driven by Sergio Ermotti, who returned as UBS’s CEO this year following a stint at Swiss Re (OTC:) AG. They reflect the bank’s desire to grow its market share in dealmaking, especially in the United States.
UBS was 8th in Refinitiv’s global M&A league table in the first half of 2023, down from 6th a year earlier. In the Americas, UBS was 14th in the first half, down from 7th a year earlier.
UBS is in talks to name Laurence Braham, who joined the Swiss bank from Barclays (LON:) Plc earlier this year, as global co-head of technology, the sources said.
His co-head would be Christian Lesueur, who has been serving as global head of TMT investment banking, the sources added. Steve Pettigrew, who just joined UBS from Bank of America Corp (NYSE:), would be leading software M&A under Braham, according to the sources.
Neil Meyer, who worked alongside Braham at Barclays and followed him to UBS, would co-lead media and communications dealmaking globally alongside Lesueur, the sources said.
The sources asked not to be identified discussing private deliberations. A UBS spokesperson declined to comment.
Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted, the sources said.
Reuters reported on Wednesday that Credit Suisse had initiated broad layoffs in New York. UBS has also decided to shut down Credit Suisse’s Houston office.
UBS completed its emergency takeover of embattled rival Credit Suisse in June, forging a Swiss banking and wealth management group with a $1.6 trillion balance sheet and overseeing more than $5 trillion in assets.
UBS’s savings targets and indications from insiders and analysts suggest it might be looking at cutting about a third of the combined group’s global workforce, or some 30,000-35,000 jobs, Reuters reported on Thursday.
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