TEN Kengeter, the former chief executive of UBS’s investment bank, is leaving the group sooner than expected as part of a management shake-up.
Kengeter was recently moved from being co-head of the investment bank with Andrea Orcel, its current chief executive, to head the winding down of the group’s fixed income business. But last night the bank announced that Kengeter was leaving the group immediately and would provide advice on a consultancy basis.
Sources said: “There’s a point when it’s just right to move on.”
UBS is reducing its headcount by 10,000 across the world.
Sam Molinaro will become head of the non-core and legacy portfolio, with immediate effect, reporting directly to Sergio Ermotti, the bank’s chief executive. Molinaro joined in March 2012 as COO of the investment bank. The co-head of UBS’s financial institutions group (FIG) in Europe, Edouard de Vitry, is also leaving as part of changes implemented by new investment banking head Orcel. Javier Oficialdegui, co-head of the FIG unit who was brought in by Orcel, will be sole leader of the advisory team. Darryll Uden recently left as co-head of equity capital markets (EMEA).
Separately, the bank was fined £9.45m by the FSA yesterday for exposing customers to unacceptable risk when it sold an AIG investment fund.