(Reuters) - Switzerland’s biggest bank UBS Group AG (UBSG.S) is planning to revamp its investment arm in order to boost earnings and reduce costs after seeing a drop in performance over last few quarters, the Financial Times reported on Wednesday.
The overhaul could result in hundreds of job cuts at the investment bank, especially within the higher ranks, FT reported, citing people familiar with the matter.
The newspaper said that the revamp is due to be announced at a townhall on Thursday.
UBS declined comment on the report.
The bank’s main equities unit will be merged with its smaller foreign exchange, rates and credit trading (FRC) operations to form a single securities and trading unit, according to the report.
Ros Stephenson and Javier Oficialdegui would be named global co-heads of investment banking for an advisory role to overlook bank’s M&A and capital markets activities around the world, FT said.
Last week, the bank had appointed former Credit Suisse Group AG (CSGN.S) manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shake-up of its executive board.
Reporting by Aishwarya Nair in Bengaluru ; Additional Reporting by Brenna Hughes Neghaiwi; Editing by Marguerita Choy