UBS Asia investment bank co-head plans to leave

UBS’s Asia investment banking co-head, Saurabh Beniwal, is planning to leave as the bank trims senior management ranks in the region, people familiar with the matter said.

Bloomberg News reports that Beniwal, who was appointed in November as co-head of corporate client solutions in Asia, will depart UBS by the end of this year, according to the people.

Joseph Chee will remain as sole head of the regional investment banking unit, the people said, asking not to be identified because the information is private.

The bank announced last month that Matthew Hanning is stepping down from his role as head of Asia-Pacific corporate client solutions and will be replaced by global equity capital markets head Sam Kendall. UBS said Friday pretax profit at its investment bank slumped 48% in the second quarter, which the bank partly blamed on a slowdown in its Asia Pacific equities business.

CEO Sergio Ermotti has eliminated jobs as he seeks to cut costs by $2.1bn by the end of 2017. Ermotti, 56, said Friday that there’s “very little visibility about the near future on all fronts.”

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UBS Asia Investment Banking Co-Head Said Planning to Depart

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