UBS has launched a new series of senior management job cuts within its securities unit as it gets out of real estate, securitization and exotic structured products.
The memo, dated Jan. 21, outlined that bankers Todd Morakis, Sascha Prinz, David Sacco and Chris Ryan will depart UBS, which is also getting out of the municipal bonds and proprietary trading, as well as all commodities businesses except for precious metals.
UBS will consolidate its existing financial products under a new macro, credit and workout group.
Carsten Kengeter and Jeff Mayer, global co-heads of fixed income, currencies and commodities, will oversee the credit business, while emerging markets will be headed by Ritesh Dutta and subsumed into the macro group.
UBS said that Roberto Isolani and Fabian Shey will co-head the firms global sales effort organized under client services, whereas its quant analysis and research group will be managed by Steve Dugdale.
Separately, UBS recently announced that it was buying the commodity index business of American International Group for $15 million initially, followed by a possible earn-out of up to $135 million. The deal is expected to be completed by May.
