UBS AG (UBSN.VX)(UBS.N) named Ilene Fowler and Michele Jones as global co-heads of energy lending, based in Dallas. Fowler and Jones had joined the firm in October 2009 from Fortis Bank. The two will work closely with Tom Langford, the global head of energy investment banking, and the global energy investment banking group. The appointments are part of UBS's efforts to bolster its energy sector within the investment banking business. UBS said on Friday that it has seen a significant increase in revenue from its energy clients, as well as successful referrals between the investment bank, wealth management and global asset management. Meanwhile, the board of UBS was meeting to weigh the future of the investment bank. The Swiss bank has struggled amid many crises over the past three years and is under pressure to downsize or fence off risky trading activities and protect its core business of managing private investors' wealth.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. Shares of UBS traded higher by 4.8% or $0.51/share to $11.14. In the past year, the shares have traded as low as $10.41 and as high as $20.08. On average, 5801260 shares of UBS exchange hands on a given day and today's volume is recorded at 6298362.
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