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UBS says investment bank exec McDermott to leave

Wed Mar 14, 2007 11:41am EDT

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NEW YORK, March 14 (Reuters) - Jeff McDermott, one of three global co-heads of investment banking at UBS AG (UBSN.VX), is leaving on June 30 to pursue outside entrepreneurial opportunities, according to an internal memo Wednesday.

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McDermott, who was based in New York, helped build the UBS investment banking division into one of the most active merger advisers and underwriters on Wall Street in recent years. The other two global co-heads, Rick Leaman and Alex Wilmot-Sitwell, will continue in their roles, the memo said.

UBS spokeswoman Rohini Pragasam confirmed the memo, but declined further comment.

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