Reuters have reported that UBS Group is plotting a shake-up of its technology, media & telecommunications (TMT) team, citing sources familiar with the matter.
Laurence Braham, who joined UBS from Barclays earlier this year, is tipped to be named as the new global co-head of technology. While at Barclay’s Barham served as global chair of investment banking for technology.
Christian Lesueur, UBS’s current head of TMT investment banking is tipped to sit alongside Barham as the second co-head.
Fellow UBS newcomer Steve Pettigrew, who just joined from Bank of America Corp would be heading up software M&A under Braham, according to the sources.
Braham’s ex-colleague at Barclays, Neil Meyer, joined UBS at the same time and is tipped to co-lead media and communications dealmaking globally alongside Lesueur.
The reshuffle comes as UBS CEO, Sergio Ermotti is keen to grow the bank’s market share in the deal making space, with a specific emphasis on the US.
According to Refinitiv’s global M&A league table, UBS dropped from 6th to 8th place in H1 23, compared to the year prior. In the Americas, UBS dropped from 7th to 14th.
UBS’s decision to reshape its TMT leadership team also comes as it is in the process of integrating fellow Swiss Investment Bank Credit Suisse, following a takeover in March.
Layoffs have already begun in Credit Suisse’s New York office, and the entire Houston office has been shutdown.
Analyst reports and tips from insiders indicate that UBS could be looking at cutting up to a third of its global workforce, which would represent between 30,000-35,000 jobs.
The TMT team would not be exempt from this. Reuters quotes its sources as saying that “Some Credit Suisse technology bankers may lose their jobs as part of the shake-up, while others may be retained or also be promoted”.
UBS has previously said that it only intends to retain a small number of Credit Suisse’s senior bankers, with those that have strong client relationships being saved from the axe.
Credit Suisse had been planning a spin out of its own investment banking team before being taken over by UBS. Those plans have now been put on hold.
