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UBS Group has hired Daniel Bassan from Credit Suisse as a Managing Director in Sao Paulo as part of a restructuring of its Latin America business, two people with direct knowledge of the matter said.

Bloomberg News reports that Bassan will start in March and report to Andre Laloni in the Zurich-based firm’s investment-banking division, the people said, asking not to be identified because the move hasn’t been announced. UBS is also hiring executives in Chile and Colombia to expand there as competitors retreat, one of the people said.

In the meantime, Bloomberg also reports that Starwood Property Trust, Barry Sternlicht’s commercial-mortgage real estate investment trust, has hired JPMorgan Chase & Co.’s Dennis Schuh to head its originations business, according to two people with knowledge of the matter.

Schuh, who spent 17 years at JPMorgan, will oversee the REIT’s balance-sheet lending, said the people, who asked not to be identified because the move hasn’t been announced. He will report to Jeffrey Dimodica, the president of the Greenwich, Connecticut-based company.

UBS Said to Hire Credit Suisse's Bassan in Brazil Revamp

Starwood Property Said to Hire JPMorgan's Schuh as Debt Chief

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