UBS announced changes to its securities division in an internal memo yesterday. Equity and fixed income, currencies and commodity sales and trading will be combined.
There will be four co-heads of the division, all of whom will report to Carsten Kengeter, chief executive of the investment bank. Dmitrios Psyllidis, the co-head of FICC, will leave the bank two years after joining from Merrill Lynch. He will be replaced by Roberto Hoornweg. Rajeev Misra, who had been Psyllidis's co-head, will stay on. Yassine Bouhara and Francois Gouws will also retain their positions as co-heads of global equities.
The odd man out is Neal Shear, the head of the securities division. Shear joined UBS from Morgan Stanley in January last year. Since he joined, the bank has hired 420 FICC bankers around the world. He wasn't mentioned in the memo and what will happen with his position is unclear.
UBS confirmed the contents of the memo but declined to comment on Shear. (Financial News)
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One in three people would take a 50% paycut for a "dream" job, while three out of four would jump for a 10% reduction. What would you do? Give your answer at FINS.
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List of the Day: Getting Healthy
People around the country are concentrating on losing weight. A recent survey found that employees are most concerned with these health issues:
1. Losing weight.
(Source: AOL Jobs)
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