UBS global head of equities Daniel Coleman will leave Switzerland’s biggest bank after almost 24 years.
His duties will be taken up by the bank’s current head global securities Neal Shear.
Coleman will step down immediately but will continue to work at the bank as a senior adviser for some months. According to an internal memo, Coleman, who joined the firm in 1986, is leaving the bank to “spend time away from the industry.”
Shear, once head of trading at Morgan Stanley, was hired by UBS in January as part of the bank’s reorganisation of its trading operations.
He had worked at New York-based Morgan Stanley for more than 25 years, but left in March 2008 after then chief executive John Mack demoted him to commodities chairman in November 2007 because of bad trades that resulted in the first quarterly loss of the bank as a publicly-traded business.