UBS Group AG : On Monday, UBS Group AG (UBSG.S) will significantly change its global investment banking division at the top. It’s crucial and will make a major difference. Experts say the action is a major step toward merging Credit Suisse with another corporation. Several months ago.
After UBS emergency bought Credit Suisse, several measures were taken to promote teamwork. Sources say the revisions will affect dealmakers in healthcare, consumer/retail, financial sponsors, and private capital markets.
According to experts, some Credit Suisse bankers will earn better roles at the new company, while others may depart. According to sources, some UBS bankers will leave due to this restructuring.
Sergio Ermotti merges UBS and Credit Suisse. This is crucial to merging the companies. The bank warned that this would hurt, especially since many jobs were at stake.
Two reliable sources say UBS consumer goods and retail business leader Jeff Rose may leave. Jon Levin, Credit Suisse’s retail investment banking head, also discusses a replacement.
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According to insiders, UBS money expert Matt Eilers may be considering quitting. This is because the company is changing. Wait, there’s more! According to experts, UBS global healthcare head Rob DiGia may stay and become a flashy chairperson.
Since the modifications have yet to be mentioned, individuals should be vigilant. Until an official statement, the sources are keeping their identities a secret. The persons involved in this, including Rose, Levin, Eilers, and DiGia, haven’t spoken anything about it, you know? UBS employees also remain silent.
Reuters reported today that UBS changed its Technology, Media, and Telecommunications (TMT) group. Laurence Braham, who just joined Barclays Plc, may become global co-head of technology. He would work with TMT investment banking head Christian Lesueur. Steve Pettigrew, hired from Bank of America Corp., may handle software mergers and acquisitions under Braham. Neil Meyer, who joined UBS from Barclays, will oversee Lesueur’s global media and communications deals unit.
UBS must reclaim its deal-making market share. It fell from sixth to eighth in Refinitiv’s worldwide mergers and acquisitions list in early 2023. UBS fell from 7th to 14th in America. Reuters reported Thursday that UBS may eliminate one-third of its global workforce. Employees and experts provided this information. This implies 30,00035,000 employment losses.
Our Reader’s Queries
What does AG stand for in UBS?
AG is short for Aktiengesellschaft, a German term used to describe a public limited company. These companies offer shares to the general public and are traded on a public stock exchange.
Who owns UBS Group AG?
UBS Group AG has a diverse group of top shareholders, with Norges Bank Investment Management leading the pack with a 3.39% stake and 117,305,480 shares owned. UBS Securities LLC and Massachusetts Financial Services follow closely behind, both with a 3.15% stake and over 100 million shares owned. The Vanguard Group, Inc. rounds out the top four with a 2.17% stake and 75,143,634 shares owned. Overall, UBS Group AG has a strong and varied ownership structure.
What does UBS Group AG do?
UBS stands out as the leading universal bank in Switzerland, where we excel in all five of our core business areas: personal banking, wealth management, corporate and institutional clients, investment bank and asset management. Our unparalleled expertise and experience in these fields make us the go-to choice for clients seeking top-notch financial services. With a strong focus on delivering exceptional results, we are committed to providing our clients with the best possible solutions to meet their unique needs.
What is the bank name of UBS AG?
UBS AG is a financial institution that came into existence on 29 June 1998. It was formed as a result of the merger between Union Bank of Switzerland (established in 1862) and Swiss Bank Corporation (established in 1872).