Update: UBS in major Asia FICC cuts

The Swiss Bank’s credit structuring, commodities sales and credit trading teams in Asia have taken a hit as UBS axes thousands of investment banking jobs worldwide.

  • 30 Oct 2012
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Giulio Corrado, managing director of credit structuring, Eric Fung executive director of Hong Kong real money sales and Terence Ho, executive director and macro trader are among those that left the bank on October 30.

Corrado has worked at UBS for just over two years. Before this he worked at Credit Suisse in structured credit, and also worked for Dresdner Kleinwort, BNP Paribas and Lehman Brothers.

Fung has been with UBS since 2009 in his current role. Before this he worked at Merrill Lynch in FICC hedge fund sales with a focus on credit. Before this he worked in fixed income sales at Deutsche Bank after leaving his position as head of structured products at Fubon Commercial Bank.

Further casualties confirmed at the bank this week include Sean Pepper, executive director (ED) in FICC structuring, Gavin Foh, ED in credit structuring, Paul Carret, ED in insurance solutions, structured credit trader Cheng Li, investment grade Asia credit trader Nick Jones and Terrence Ho, a macro trader based in Hong Kong.

On the sales side, external private bank sales associate director Carmen Lau, Andrea Rizzo an ED in the macro rates sales team and Angela Chan, director of Singapore and Philippines flow credit sales, have all left the bank.

In addition to these cuts, the bank’s entire commodity sales arm in Asia has been axed.

The cuts come just after the bank announced plans to cut 10,000 jobs worldwide as it winds down some of its investment banking activities including fixed income. This is around 16% of its total workforce of 64,000.

However, UBS has had a relatively good year in Asia ex-Japan investment banking. At the end of September, the bank ranked first for overall investment banking fees, having earned US$186 million, according to Dealogic.

Matt Hanning, head of Asia Pacific investment banking said last month that he was looking to add senior bankers to UBS’s investment banking platform in Asia.

However, there have been a series of key departures on the fixed income side in recent months. Raj Malhotra, an executive director with the bank’s Southeast Asia DCM unit, left at the end of August, and a spokesperson told Asiamoney PLUS that the bank had no immediate plans to replace him.

His departure followed that of head of debt capital markets for Asia, Guy Wylie, who left the bank in June.
  • 30 Oct 2012

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