NEW YORK, March 3 UBS UBSN.VX named a number
of changes in its financial institutions investment banking
coverage after star banker Olivier Sarkozy quit to join private
equity firm Carlyle Group [CYL.UL], the Swiss bank announced in
a memo on Monday.
The departure, reported earlier Monday by Reuters, marks
the latest in a string of high-ranking bankers to leave UBS as
it struggles with massive mortgage trading losses that show
little sign of abating. UBS last year trimmed bonuses and paid
a greater percentage of these annual rewards in stock.
John Cryan, who was global co-head of FIG with Sarkozy,
will remain head and based in London. Gary Howe, who covers
banks, and Halle Benett, global head of specialty finance, will
take on day-to-day responsibility for FIG, based in New York.
Alejandro Przygoda was named global head of insurance
sector coverage, while Ian Gladman and Edouard de Vitry will
join David Soanes as co-heads of FIG in Europe, the Middle East
and Africa. UBS said Soanes is taking on a new role with
increased responsibilities in capital markets, details of which
would be announced soon.
Philippe Sacerdot was named vice chairman of investment
banking within the financial institutions group.
(Reporting by Joseph A. Giannone, editing by Maureen Bavdek)