| NEW YORK
NEW YORK Nov 9 UBS's head of
structured credit trading in the United States, David Carlson,
has left the bank as part of the firm's restructuring, which
involves 10,000 staff cuts and a dramatic pull-back in riskier
fixed income products, according to a person familiar with his
Carlson was a high-profile hire for UBS in 2011, when he
joined from Morgan Stanley, where he headed U.S.
structured credit sales.
Carlson could not be reached for comment on Friday, and
Megan Stinson, a spokeswoman at UBS in New York, declined to
The Swiss bank is pulling back from riskier credit products
that have higher capital requirements under new regulations
designed to reduce risks of privately traded derivatives, making
them less attractive to trade.
Other rules that aim to curb banks' trading with their own
capital are also leading many banks to focus more on products
that are in demand from corporate and private banking clients.
UBS said last week that it would cut jobs globally as it
exits unprofitable businesses, with most cuts coming from fixed
The bank, however, is expected to remain in lower-risk fixed
income products, including U.S. Treasuries, the source said,
where there is demand from clients for the securities.
It will also continue to be active in some high-grade credit
products and in commercial-mortgage-backed securities.