Swiss bank UBS has hired former Bear Stearns financial chief Samuel Molinaro as chief operating officer of its investment bank division, effective March 1, according to an internal memorandum viewed on Friday by Reuters.
Molinaro replaces Tom Daula, who becomes head of global research and analytics.
Meanwhile, t he investment banking division's co-head, Jimmy Neissa, will leave the bank in March to pursue family business interests, according to a second internal memo.
Molinaro will work with the bank's finance, operations, technology and control areas "to materially strengthen the integrity and effectiveness of our front-to-back operating and control environment," UBS investment bank division head Carsten Kengeter said.
The departure of mergers and acquisition veteran Neissa, which Kengeter says had been planned since early last year leaves Simon Warshaw and Matthew Grounds in charge of the investment banking division. Molinaro will report to both Kengeter and to Ulrich Koerner, group operating chief at UBS. The bank confirmed the contents of the memos.
"Notwithstanding the difficulties the whole industry has had for the last several years, UBS has an enviable business and an enviable franchise," Molinaro told Reuters in a brief interview. "I'm excited about helping UBS execute the plan they've laid out for their investment bank."