[ by Melanie Gretchen ]

UBS is making quick work of cuts to its investment bank.  Following the announcement of 10,000 job cuts, the Swiss bank has begun splitting the unit into 2 separate divisions, according to an internal memo.

The New Investment Bank

The so-called corporate client solutions division:

• will make up around one-third of the investment bank's revenues, will now focus on advisory and capital market services
• will be overseen by David Soanes, who will run the division's operations in Europe, while Steve Cummings will head up the Americas region, Matthew Grounds would lead the Asia-Pacific region, and Rajeev Misra will become global head of the bank's financing solutions

Simon Warshaw, previously co-head of UBS's investment banking business in Europe, will now focus on plans to develop the corporate client solutions division unit in the region.

The newly created investor client services unit:

• will include the firm's existing equities, foreign exchange and credit operations
• will provide about two-thirds of the revenue for its combined investment banking unit

At the Top. Going forward, the bank is also experiencing a changing of the guard.  Leadership changes at the firm include:

• Mike Stewart: global head of equities
• Chris Murphy: global head of rates and credit
• Chris Vogelgesang and George Athanasopoulos will to lead the foreign exchange and precious metals operations in the investor client services division
• Carsten Kengeter will step down from the bank's executive board to oversee the winding down of unprofitable investment banking businesses and financial positions

Mr. Kengeter, a former co-head of UBS's global investment banking operations, ran the unit with Andreal Orcel, a former Bank of America banker.  Going forward, Ms. Orcel will lead UBS's global investment banking operations.  [See our Who's News story, "Upcoming Shakeup In UBS Investment Bank".]

"I don't believe that in order to be successful in business you have to be all things to all people.  You must, however, excel at what you do." -- Ms. Orcel, in the internal memo.

For further details, go to [Dealbook, 11/5/12].