The Asia ex-Japan head of credit market syndicate at UBS has left the bank this Monday, according to a media report. His origination counterpart, the co-head of Asia debt financing group, departed the same day.
UBS's Asia ex-Japan head of credit market syndicate is Paul Au (pictured left). He was let go by the bank on Monday, according to «Finance Asia» (subscription). He joined UBS in 2010. His origination counterpart, Patrick Liu, (pictured below) co-head of Asia debt financing group, also left, sources added. Liu joined in 2009.
The departures come less than nine months after the Swiss lender created a new Asia debt-financing group by merging its debt capital markets and leverage finance operations in the region in March.
Shockwaves Through Investment-Banking Peers
It is not immediately clear whether their departures are related to UBS's recent efforts to restructure its China business, moving about 20 junior bankers out of their China-focused country team and investment banking unit, placing them into sector-focused teams, writes «Finance Asia».
Their departures still send shockwaves through investment-banking peers in Asia, given the bank had done fairly well in the regional debt capital markets and China's onshore interbank bond market. Since restructuring in 2012, UBS has put more emphasis on expanding its wealth management businesses.
