UBS exits exotic structured products business in FICC
LONDON - UBS is shutting down its exotic structured products business within its fixed income, commodities and currencies (FICC) division.
As part of the restructuring, four senior managing directors have left the bank. Todd Morakis, head of commodities, and co-head of rates Sascha Prinz have left in London, while the other co-head of rates David Sacco, and Chris Ryan, head of credit, have left in New York. The restructuring follows a review of UBS's FICC business by Carsten Kengeter in London
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