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UBS Co-Head of European ECM Darrell Uden Said to Depart

UBS, based in Zurich, said in October that it will cut about 10,000 jobs and retreat from capital-intensive trading businesses at the investment bank to increase profitability. Photographer: Gianluca Colla/Bloomberg
UBS, based in Zurich, said in October that it will cut about 10,000 jobs and retreat from capital-intensive trading businesses at the investment bank to increase profitability. Photographer: Gianluca Colla/Bloomberg

Jan. 10 (Bloomberg) -- Darrell Uden, a managing director and co-head of equity capital markets for UBS AG in Europe, is leaving the firm, said two people with knowledge of the matter.

Uden, who joined UBS in 2011 after working for Citigroup Inc., is leaving for personal reasons, said one of the people, asking not to be named as the details aren’t public.

Chicco di Stasi, managing director and the other co-head of ECM in Europe, the Middle East and Africa, will now run the unit alone and Uden will not be replaced, the person said.

Uden, based in London, couldn’t immediately be reached on his mobile phone. A spokesman for UBS declined to comment.

UBS, based in Zurich, said in October that it will cut about 10,000 jobs and retreat from capital-intensive trading businesses at the investment bank to increase profitability.

Chief Executive Officer Sergio Ermotti is overhauling UBS as stricter capital requirements and sluggish client activity hurt profit at the investment bank. The bank will focus more on its wealth-management business, the world’s second largest, to boost returns for shareholders.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

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