The global head of credit sales has left UBS
UBS is understood to have parted company with Robert Balch, its global head of credit sales. Balch left the bank earlier this month according to insiders.
Neither UBS nor Balch responded to a query about Balch's exit. However, he has been removed from UBS's internal phone directory.
Balch's disappearance comes after UBS's fixed income business suffered a 12% revenue decline in the first quarter compared to the previous year. The Swiss bank said that, "market conditions for rates and credit flow products were challenging." The bank is understood to have been cutting costs.
Balch spend over a decade at UBS after joining from ABN AMRO in July 2007. He started his finance career in 2001 as a tax accountant at Arthur Anderson.
Balch's exit comes after UBS made several hires for its macro sales business last year, with several new joiners from Goldman Sachs.
Costs accounted for 74% of revenues in UBS's investment bank in the first quarter of 2018, down from 77% in the first quarter of 2017.
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