UBS exits exotic structured products business in FICC

As part of the restructuring, four senior managing directors have left the bank: Todd Morakis, head of commodities, Sascha Prinz and David Sacco, co-heads of rates, and Chris Ryan, head of credit. The restructuring follows a review of UBS's FICC business by Carsten Kengeter and Jeff Mayer, who joined the bank as joint global co-heads of FICC last year. In line with the changes being made, the bank will be making further reductions in headcount in following weeks, according to a memo released internally on January 21.

The reorganisation follows an announcement by UBS in October last year outlining the repositioning of the investment bank. The ultimate aim is to emphasise the core strengths within FICC, by focusing client business on facilitation and flow, while relying on a lower balance sheet and risk utilisation.

"As announced in October 2008, the Investment Bank is in the process of reprioritising its business portfolio around client servicing and facilitation while seeking further efficiency gains," says Jerker Johansson, chief executive of UBS Investment Bank. "Today we announced the completion of the organisational structure and the new leadership for our FICC business."

See also: UBS "reprioritises" commodity business
Executive pay reviewed at Barclays, UBS and Goldman
UBS risk chief steps down
Swiss National Bank to take $60 billion in UBS assets
UBS names new global co-head of FICC

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