UBS Creates New Global Financing Team

With an intent to serve clients more quickly and simply, the Swiss bank UBS Group AG (NYSE: UBS) is creating a new global financing team comprising of employees from different divisions. 

What Happened

The new team will span across global wealth management, investment bank, financing and risk management and align the disparate divisions under the leadership of Remi Mennesson, who joins UBS from Credit Suisse Group AG (NYSE: CS) reported Reuters. 

Additionally, it will increase the bank’s financing capabilities in different regions and expand its product portfolio and shore up its ability to meet the financing needs of clients.

UBS co-president of the investment bank Rob Karofsky commented, “It is creating efficiency, so any type of lending, corporate derivatives or structured financing will now go through this one team.”  He added, “It is a global team that is able to really, in an organized way, meet all of our clients’ needs on a local and global level.”

Why It Matters

The new team’s initial focus would be on corporate derivatives and structured solutions developed through the bank’s Structured Equity Solutions Group and Special Situations Group, reported Reuters.

UBS declared its Q1 results in late April, with earnings per share rising 43.33% year-over-year to $0.43.

Price Action

UBS shares traded 1.63% higher at $9.98 in the after-hours session on Friday. The shares had closed the regular session 2% lower at $9.82.