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UBS names new head of Swiss investment bank

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UBS names new head of Swiss investment bank
FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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ZURICH (Reuters) – UBS <UBSG.S> has named Martin Kesselring, its head global banking for Switzerland, as the new boss of its investment bank Switzerland, according to an internal memo seen by Reuters.

The appointment of the 53-year-old Swiss, which was confirmed by a UBS spokeswoman, comes as Switzerland’s biggest bank restructures its investment bank. Kesselring takes up his new role on Nov. 1.

The division is cutting staff after a fall in M&A work reduced revenue by 21% during the third quarter.

(Reporting by Tassilo Hummel)

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