Swiss banking group UBS Group AG is planning to expand its merger and IPO advisory business to counteract sluggish global trading levels, Bloomberg News reported, citing people with knowledge of the matter.
Revenue across the investment bank could grow by several hundred million Swiss francs, but costs will be kept in check, one source said.
The bank is aiming to grow market share in equities trading as European rivals draw back from the area, the sources said.
As part of its regular review, the supervisory board is assessing the plans for the investment bank. But the broad strategy will likely stay the same and the level of risk-weighted assets allocated to the securities division will probably not change, they said.
UBS' investment bank is seeing some high-profile people leave, including the head of mergers and acquisitions for Europe, Severin Brizay, who will join Bank of America Corp. European insurance advisory business head Jonathan Alpert left in March, taking some colleagues with him to Bank of America, the people said.