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Whispers: January 26, 2009


By Editorial Staff

January 26, 2009

UBS launched a new series of senior management job cuts within its securities unit as it gets out of real estate, securitization and 'exotic' structured products, according to an internal memo. The memo, dated Jan. 21, outlined that bankers Todd Morakis, Sascha Prinz, David Sacco and Chris Ryan will depart UBS, which is also getting out of the municipal bonds and proprietary trading, as well as all commodities businesses except for precious metals. UBS will consolidate its existing financial products under a new macro, credit and workout group. Carsten Kengeter and Jeff Mayer, global co-heads of fixed income, currencies and commodities, will oversee the credit business, while emerging markets will be headed by Ritesh Dutta and subsumed into the macro group. UBS said that Roberto Isolani and Fabian Shey will co-head the firm's global sales effort organized under client services, whereas its quant analysis and research group will be managed by Steve Dugdale.

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