The Swiss bank named Patrick Tsang head of telecommunications, media and technology investment in the region, replacing Randy Gelber who is leaving to pursue other opportunities, according to a «Bloomberg» report.

Tsang, a Hong Kong-based managing director at UBS, has been with the bank since 2004, according to his LinkedIn profile. A spokesman for UBS declined to comment.

Torrid First Quarter

Last week, UBS CEO Sergio Ermotti told investors to hold tight: UBS faces headwinds in both its flagship wealth arm and at the investment bank. He flagged another 300 million Swiss francs ($302 million) in spending cuts this year, for example by stretching out technology projects, slowing hiring, reducing contractors, and trimming travel and entertainment costs.

The investment bank is coming off a fourth-quarter loss after revenue from nearly every business tanked.