UBS quits exotic structured credit in divisional shake-up

UBS is shutting down its exotic structured products business within its fixed income, commodities and currencies division.

As part of the restructuring, four senior managing directors have left the Swiss 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 fixed income, commodities and currencies business by Carsten Kengeter and Jeff Mayer, who joined the bank as joint global co-heads