UBS makes more changes to FICC team

According to an internal memo circulated by FICC head Andre Esteves last Wednesday, measures are being taken to re-position the business "in line with the objectives of delivering more efficient use of our balance sheet and capital". The new phase will also help the bank improve risk management, identify common client initiatives, and better leverage economies of scale and competitive advantage, he said.

The Swiss bank has created a new foreign exchange and money markets unit, and has named Z