UBS Lays Off Senior U.S Bankers, Shuts Down M&A Unit

UBS Fractured

UBS cut roughly a third of its Americas investment banking and capital markets group last week, including 35 senior managing directors, three sources close to the matter said.

Reuters reports that a UBS spokeswoman confirmed the layoffs of the managing directors, which occurred in the corporate client solutions group, composed of investment banking, equity capital markets and leverage finance teams.

In the meantime, Bloomberg reports that UBS has shut its mergers investment-banking team in Toronto.

Karina Byrne, spokeswoman for the bank in New York, said mergers coverage for Canada would be done from New York.

'These changes are part of the investment bank strategy we announced last fall, and will enable us to better focus on areas where we can be successful', Byrne said in an emailed statement.

UBS lays off 35 senior bankers in the Americas

UBS Plans to Close Mergers Investment-Banking Unit in Toronto

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