UBS investment banking senior executive to depart
(28 July 2016 – Asia) UBS Group's Asia investment banking co-head, Saurabh Beniwal, is planning to leave as the bank sources have said.
According to the reports, Beniwal, who was appointed in November as co-head of corporate client solutions in Asia, will depart UBS by the end of this year.
Joseph Chee will remain as sole head of the regional investment banking unit, the sources added.
The Swiss bank also 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. The changes come as the investment bank cuts back on its senior management team within Asia Pacific.
UBS said Friday pretax profit at its investment bank slumped 48 percent in the second quarter, which the bank partly blamed on a slowdown in its Asia Pacific equities business.
Chief executive officer Sergio Ermotti has eliminated jobs as he seeks to cut costs by 2.1 billion francs (A$2.85 billion) by the end of next year. Ermotti said last week that there's "very little visibility about the near future on all fronts."
Beniwal, who had been with the Swiss bank for 16 years, held senior roles across the organisations, including head of Southeast Asia corporate client solutions and head of technology, media and telecommunications for Asia.
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