UBS has decided on the leadership structure for its global banking business, which incorporates both debt and equity capital markets as well as advisory.
The Swiss bank, which agreed in March to take over beleaguered peer Credit Suisse for SFr3bn (US$3.3bn) following a state intervention, has appointed two Credit Suisse bankers to its 10-strong leadership team for global banking. Most top roles go to existing UBS staff.
David Kostel, who has spent 23 years at Credit Suisse, has been appointed global co-head of coverage and Tom Churton will be global chief of staff, according to a memo seen by IFR from Marco Valla and Javier Oficialdegui, co-heads of global banking.
Kostel will also be global head of healthcare, a post he has held at Credit Suisse since 2016. Kostel’s co-head of coverage across all sectors is Christian Lesueur, who will also be global co-head of media and telecoms with Neil Meyer, and global co-head of technology with Laurence Braham.
Former British Army officer Churton joined Credit Suisse 11 years ago from Nomura. He has been global chief operating officer for investment banking and capital markets since the beginning of last year.
Brendan Connolly remains as global head of public capital markets, a position the former leveraged debt capital markets banker has held for the last four years.
Marc-Anthony Hourihan and Nestor Paz-Galindo will be global co-heads of M&A; Simona Maellare and Terry Sullivan global co-heads of the alternative capital group; Gaetano Bassolino head of global banking for Asia Pacific; and Frances Later global operating officer.
Hourihan, Paz-Galindo, Maellare, Bassolino and Later all occupied the same positions before March. Sullivan retains his role of global head of financial institutions group.
Ros L’Esperance remains executive vice chair for the investment bank and on the global banking leadership team, reporting to Rob Karofsky, head of the investment bank. She was previously co-head of global banking until tech banker Valla was hired from Barclays in April to replace her.
In addition to these top level appointments, UBS announced a raft of other roles. Those retained from Credit Suisse include Scott Lindsay and Robin Rankin, who will be co-chairs of global M&A. Marc Warm will be global co-head of leveraged and debt capital markets, alongside David Slade from UBS. Warm and Slade will report to Connolly, as will Gareth McCartney, global co-head of equity capital markets with Jeff Mortara. Also from Credit Suisse is Jon Levin, global head of consumer and retail.
Others already at UBS reporting directly to Valla and Oficialdegui are Laurent Bouvier, global head of ESG advisory; Philippe Chryssicopoulos, global co-head of global industries group with Eric Moskal; Fergus Horrobin, global head of real estate, lodging and leisure; Ian Carnegie-Brown, co-chair of global consumer and retail with Philippe Drouin; Rob DiGia, chair of global healthcare; Jason Hutchings, global head of private financing markets and head of global family and institutional wealth capabilities; and Leslie Hughes, chief of staff for global banking Americas and global head of talent management.
Kevin Kuryla, global head of the private funds group, will report to Maellare and Sullivan. Charles Otton, head of global family and institutional wealth Americas and chair of global industries group, will report to George Athanasopoulos, co-head of global markets and head of GFIW. And Alice Crawley, global head of investment bank business selection and reputational risk, will report to Karofsky.
Valla and Oficialdegui said Michael Santini, executive chair of global banking, is leaving the bank at the end of September and Paul Crisci, global co-head of TMT and global head of private markets, will leave at the same time. Matt Eilers, global co-head of the alternative capital group, will leave in the coming weeks.
Within the Americas, Vik Hebatpuria will head FIG and financial technology and services; GIG will be led by Emre Gunalp; Seth Damergy and Jason English will be co-heads of healthcare; and Alan Felder will head real estate, lodging and leisure as well as private markets. The co-heads of financial sponsors will be Max Justicz and Diron Jebejian; co-heads of M&A Solon Kentas and Jeff Hinton; head of ECM Brad Miller; head of leveraged capital markets Michele Cousins; and co-heads of leveraged finance Anthony DeRosa and Yuriy Oren. Hinton has just joined with Valla from Barclays.
These individuals and those global group heads based in the Americas will form the regional leadership group. Alain Auclair is appointed head of global banking, Canada, and Daniel Bassan, the equivalent for Brazil. Both will sit on the regional leadership group, as will David Nass, head of Americas real estate finance, David Juge, global head of corporate lending, and 15 vice-chairmen.
For details on changes in the combined Asia-Pacific operation see separate story.
UBS will outline further strategic plans when reporting second-quarter results on August 31. It has already said it wants its global banking unit to have a higher number of US senior bankers “much closer to the level of bankers at US peers” as well as remain a force in Europe.
UBS has traditionally been strong in equities and Asia-Pacific, and underweight across fixed income, in parts of advisory and capital markets, and in the Americas. Credit Suisse has been stronger in the Americas, in advisory and with financial sponsors, as well as in South-East Asia.
A swathe of senior Credit Suisse investment bankers have already left the group following the UBS takeover, led by David Wah, former head of investment banking. Earlier this month, many former Credit Suisse bankers were also put at risk of redundancy.