UBS has appointed a new head of telecommunications, media and technology in investment banking for Asia Pacific.
Patrick Tsang has been named as the head of telecommunications, media and technology investment, replacing Randy Gelber who is leaving to pursue other opportunities, according to a «Bloomberg» report.
Tsang, a Hong Kong-based managing director for the financial group, has been with UBS since 2004, according to his LinkedIn profile. When contacted, the representative for the bank declined to comment.
UBS Current Situation
Deals involving TMT companies in the Asia-Pacific region has declined by 7 percent in the past 12 months compared with a year earlier, according to «Bloomberg» data.
The Swiss bank has reduced its bonus pool for its investment bankers in Asia by about 8 percent after a drop-off in equity offerings last quarter hurt fees in 2018. UBS had also dealt with one of its worst first quarters in recent history.
Chief Executive Officer Sergio Ermotti announced that hires would slow down and the cost cuts will deepen by about $300 million.
