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Lynn Tilton is stepping down from credit funds

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Private equity investor Lynn Tilton is stepping down as collateral manager of all her credit funds, totaling more than $2 billion, after years of litigation with New York bond insurer MBIA.

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People News: UBS, Wells Fargo

UBS’s head of energy investment banking for Europe, the Middle East and Africa, Michael Hafner, has left the bank, according to a person familiar with the matter.

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UBS in legal set-back

A UBS unit was found by a federal judge to have violated some contracts with mortgage-backed securities trusts that hold loans, putting it at risk of having to buy back more loans or pay damages in a $2bn lawsuit.