UBS announces global financing team

NEW YORK (Reuters) - UBS (UBSG.S) said on Monday it has created a new global financing team, a group that will span across divisions under one group in order to serve clients in a faster and simpler fashion.

The new team will be led by Remi Mennesson, who will join the Swiss lender in November 2020, and report to the firm’s four co-presidents, said a memo seen by Reuters and confirmed by the bank.

One of the reasons for the creation of the new team was to align employees working in global wealth management, investment bank financing and risk management under one umbrella. In addition, UBS said it will increase the bank’s financing capabilities in the regions it operates and expand its product offering to meet the financing needs of all clients.

“It is creating efficiency, so any type of lending, corporate derivatives or structured financing will now go through this one team. It is a global team that is able to really, in an organized way, meet all of our clients’ needs on a local and global level,” said UBS co-president of the investment bank Rob Karofsky.

Mennesson joins UBS from Credit Suisse (CSGN.S) and previously worked at Deutsche Bank (DBKGn.DE).

The team will initially focus on corporate derivatives and structured solutions developed through the bank’s Structured Equity Solutions Group and Special Situations Group.