Just a few days ago, there was some ominous correspondence about layoffs; now, there are new bosses for the prestige business with mergers and acquisitions. The reshaping of the UBS investment banking division is progressing apace.

UBS has appointed Jeff Hinton as global co-head of advising businesses on M&A within global banking in the investment bank division.

As British industry platform «Financial News» cited from the bank’s internal correspondence, Hinton will share responsibility for the prestigious and lucrative dealmaking with Nestor Paz-Galindo.

Boss With Big Plans

Both in turn will report to their own co-head, to global banking bosses Javier Oficialdegui and Marco Valla, the report goes on. Just like Valla, newly appointed Hinton has moved over to UBS from major British bank Barclays.

The top boss of the investment bank division is Robert Karofsky.

Karofsky has major plans for the business, as finews.ch also reported. On New York’s Wall Street, for instance, he wants to advance UBS to among the top six investment banks. 

Marco Valla Tells All About It

This has now been confirmed by the new co-head Valla in a podcast conversation hosted by the bank. The U.S., the New York-based executive said, accounted for up to 60 percent of the world's investment bank volume.

According to Valla, the number of employees in the bank's American M&A business has increased by 65 percent since the acquisition of Credit Suisse (CS). UBS has also taken over a substantial loan book from CS.

#6 in US, #5 in Europe

The focus is now on business with private market companies, on the expansion of the M&A business and the capital markets business in the equity sector (ECM). His teams are working closely with UBS wealth management in the Americas, the dealmaker continued.

Valla also underlined the ambitions of his boss Karofsky: sixth place among investment banks in the US, as well as number five in Europe, the Middle East and Africa. In Asia, UBS wants to defend third place.

Another Wave of Layoffs?

At the same time, however, UBS Investment banking is reducing staff and risks. Just a few days ago, media reports were whispering about a new wave of layoffs new wave of layoffs in the division.