UBS’s Global Head of Securities Neal Shear Quits After 1 Year
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Neal Shear, UBS AG’s head of global securities for about a year, is leaving Switzerland’s biggest bank as it seeks to earn more from trading and close a gap with Wall Street rivals.
Shear’s decision to leave was announced yesterday by Carsten Kengeter, head of UBS’s investment bank, in an internal memo obtained by Bloomberg News. Dominik von Arx, a company spokesman, confirmed its contents. UBS promoted Aryeh Bourkoff, 38, to head investment banking for the Americas, succeeding Kevin Cox, according to a separate memo.