UBS wants to further shrink Credit Suisse's investment bank. Its Houston office is next on the chopping block.
UBS is planning to close Credit Suisse's office in Houston, where its investment banking was particularly active in the energy sector, according to a «Bloomberg» (behind paywall) story citing sources.
Dozens of senior employees are said to have already left the bank for competitors.
UBS is also closing its investment banking office in the city where it had been involved in clean energy technologies, including hydrogen, which will be covered from New York, the story added.
Credit Suisse investment bankers in Houston had worked on several high-profile transactions, including the IPO of Parsely Energy and the drilling company Diamondback Energy.
