UBS’s Sasamura, Toland Leave Fixed-Income Jobs Amid Cost Cuts

Jul 29, 2014 11:55 am ET

July 29 (Bloomberg) -- UBS AG managing directors Yoshiaki Sasamura and John Gerard “JT” Toland have left the bank, adding to departures in recent weeks from the fixed-income business at Switzerland’s biggest lender.

Sasamura left the Zurich-based firm this month, according to Financial Industry Regulatory Authority records. Toland departed in May and joined Nomura Holdings Inc. last month, Finra records show.

Chief Executive Officer Sergio Ermotti is cutting costs and working to exit most debt trading to reach the bank’s main profitability target. Sasamura and Megan Stinson, a UBS spokeswoman, declined to comment. Toland didn’t respond to phone and e-mail messages. Both of the ex-employees were based in New York, Finra records show.

Brad Mazur, the head of structuring in the U.S., and Howard Weinberg, an analyst, left the firm this month. Second-quarter net income rose 15 percent from a year earlier to 792 million Swiss francs ($874 million) as the bank trimmed costs and focuses more on wealth management, UBS said today.

Sasamura joined the bank in 2009 after working at Lehman Brothers Holdings Inc. and Barclays Plc, Finra records show. Toland started at UBS in 2009, and has worked at Cantor Fitzgerald LP and Royal Bank of Scotland Group Plc, according to Finra.