UBS Initiates Sweeping Changes in Investment Banking and Management

UBS is reportedly planning a major restructuring of its investment banking division, aiming to create unified teams following its emergency takeover of Credit Suisse. The changes will involve several dealmaking groups, with some Credit Suisse bankers taking on bigger roles in the combined company and some UBS bankers leaving. The restructuring is part of UBS's efforts to integrate the two banks, with CEO Sergio Ermotti warning of potential job cuts. The details of the restructuring are still being finalized, but UBS is said to be considering cutting about a third of the combined group's global workforce.