UBS co-head of equity capital markets (ECM) syndicate for Asia, Carlo Agostinelli, is leaving the Swiss lender, according to a «Bloomberg» report citing unnamed sources. Hong Kong-based co-head Kevin Cui will become the sole head of the Asia ECM syndicate.

Agostinelli first joined UBS in 2014 and started focusing on the ECM syndicate in 2020 before being appointed to the co-head position in April this year. Previously, he also worked at Nomura and Commerzbank.

Meanwhile, UBS is undergoing the restructuring of Credit Suisse following a government-brokered takeover in June. Within the Asia Pacific region, UBS plans to cut around two-thirds of Credit Suisse’s investment bankers and retain 100 with a focus on markets outside of Hong Kong.