September 23, 2013 / 2:44 PM / 4 years ago

UBS loses another FIG banker

LONDON, Sept 23 (IFR) - UBS’s EMEA head of global capital solutions has left after less than two years in the job, becoming the latest official to leave the Swiss bank’s financial institutions group business.

Johan Eriksson follows Anthony Tobin and Eva Porz, who both left the bank this year. Tobin resigned from the syndicate team in May to join RBC after around a year in the job, while Porz left the debt capital markets solutions team to join Lloyds earlier this summer.

UBS has not replaced Eriksson and has no immediate plans to hire any external staff to fill the gap in the debt capital markets team, according to multiple market sources.

According to sources, Rob Baston, managing director of capital solutions at UBS, will now take additional responsibility for UBS’s capital business in Europe.

Both UBS and Eriksson were unavailable for comment.

UBS late last year announced plans to cull around 10,000 staff as the Swiss bank returns to its roots in private banking in the face of tough capital rules that make it harder to turn a profit from trading.

The bank shut its sovereign, supranational and agency debt capital markets business as part of the cull.

“I‘m pretty surprised to see Johan go,” said a hybrid capital expert at a rival bank.

“We’ve been hearing that he was on a sabbatical prior to his departure, which meant he was very hard to get hold of. This really doesn’t leave many people on the ground at UBS, which is surprising considering they’re such a strong (bank) capital house.”

Eriksson became head of global capital solutions in 2012, replacing Prasad Gollakota. Prior to that, Eriksson had been working in the bank’s FIG investment banking business. (Additional reporting by Aimee Donnellan; editing by Philip Wright, Alex Chambers)

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