UBS appoints private banker as investment bank operating chief
ZURICH (Reuters) - UBS named private banker Andre Cronje operating head of its investment bank, which is shutting vast swaths of its fixed income division.
"Andre's experience from investment banking, wealth management and corporate centre, as well as his international perspective, is a major asset as we seek to reposition ourselves and further our partnership across the group, and particularly with wealth management," UBS said in a memorandum seen by Reuters on Tuesday.
Zurich-based UBS is cutting staff and winding down its fixed income business save for select areas like foreign exchange trading and precious metals trading, and returning to its private banking roots as it adapts to tough capital rules that make it harder to turn a profit from trading.
(Reporting By Katharina Bart)