NEW YORK, March 3 (Reuters) - 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)