NEW YORK, Feb 9 (IFR) - UBS has laid off six people as part of a restructuring of its US equity capital markets business, with the goal of improving profitability, people familiar with the matter told IFR.
The restructuring includes a commitment to increasing staff in other areas of potential growth, the people said.
The layoffs, across origination, derivatives and syndication, are designed to streamline communications and collaboration. Additional layoffs are not planned.
The Swiss bank has struggled to develop a significant presence in the US.
Last year it fell to 12th in the combined US equity and equity-linked league tables, with US$3.4bn of business for 49 companies, trailing European counterparts such as Barclays (US$15.7bn), Credit Suisse (US$11bn) and Deutsche Bank (US$5.8bn).
It ranked fifth and eighth on the tables in the EMEA and APAC regions, respectively.
In October, UBS reappointed Sam Kendall as global head of ECM, based in New York, to help revitalise the bank’s US ECM business.
He was in the position from 2013 to 2016 before becoming head of corporate client solutions for Asia-Pacific.
UBS has made recent hires in areas of growth.
Chris Cormier, a long time Deutsche Bank and Bank of America Merrill Lynch ECM banker, will join the bank in March to oversee TMT origination in the Americas. Elias Ehrlich, a veteran of Santander, is also joining next month as head of LatAm ECM.
Additional junior and senior hires are likely to fill staffing, with an emphasis on significant ECM industry verticals TMT, healthcare and FIG, the people said. (This story will appear in the February 10 issue of IFR Magazine; Reporting by Stephen Lacey)