Swiss bank UBS AG (UBSN.VX) added a new role to its Americas investment banking division, by hiring Stephen Cummings as chairman. Cummings, who was previously head of corporate and investment banking at Wachovia Bank, will work alongside Aryeh Bourkoff, Americas head of investment banking in New York, UBS said on Tuesday. "We created the position of Chairman of Americas Investment Banking to enhance our existing strengths in the US and to underscore our commitment to grow our US investment banking franchise," Phil Lofts, CEO of UBS Americas, said. The recent hire comes on the heels of the bank's announcement on March 28 that it appointed two new heads for its global M&A advice team.
Source
