UBS is considering the possibility of revamping the make-up of its senior staff members in its investment banking division.
That is according to three people with knowledge of the Swiss financier's plans, who have told Bloomberg discussions are underway in the company's upper echelons that could see investment leader Carsten Kengeter being given less responsibility.
The lender's board members held a meeting in New York yesterday (25 October), in which the idea of reorganizing this unit of its business to hand investment co-head Andrea Orcel more power.
Cuts are set to be made to the fixed-income operations Mr Kengeter has been overseeing for the last four years as chief executive officer Sergio Ermotti continues to implement his plans to overhaul the company in the wake of the banking crisis.
The insiders informed the news source that formal announcements will be made when UBS publishes its third-quarter earnings data next Tuesday.
By Gary Cooper