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Ramesh Singh, a 19-year veteran, is departing to pursue other career opportunities and spend more time with his family, UBS Investment Bank CEO Jerker Johansson said in an internal memo circulated late Thursday.
Singh's departure is the latest in a series of job cuts and executive ousters as UBS tries to turn around an investment bank bleeding money for most of the past two years.
In his place, a much smaller real estate and securitization business will be co-led by Bill Chandler, Jack McCleary and Jim Reichek, according to the memo.
Chandler will be responsible for managing several existing securities portfolios and other special situations, and Reichek will continue in his role as U.S. head of real estate finance, responsible for commercial loan origination and trading in commercial mortgage backed securities.
McCleary was named head of asset-backed securities and mortgage-backed securities trading, as well as some market-making in non-agency securities, portfolio analysis and restructuring.
A UBS spokesman confirmed the memo but declined further comment.
Last month, UBS, which has announced more than $46 billion in subprime writedowns and other losses, announced plans to cut 2,000 investment bank jobs. Combined with earlier rounds of cuts this year, it has shed 25 percent of its investment bank workforce.
Singh was on the rise just 11 months ago, when he succeeded David Martin, who had been global head of interest rate products, and James Stehli, who ran the bank's collateralized debt obligation business, to run a newly combined real estate finance and securitization business.
But the bank's woes continued amid the contraction of markets for mortgages, loans packaged into bonds and other more exotic securities.
Those business declines, along with the slump in U.S. home prices, conspired to cause more headaches for Singh, who has struggled for months to sell two apartments on Manhattan's ritzy Park Avenue.
Local newspapers reported that one, listed in April 2007 at $13.4 million, has come down in price to $10 million. Singh is reported to have cut the price of the second, a 15-room place, to $20 million from $24.8 million.
(Editing by John Wallace) (joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net)
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