UBS credit derivatives head departs

The head of credit derivatives for UBS, Keith Grimaldi, has left the bank.

He is one of the latest high-profile casualties of the bank's restructuring efforts. Last month, Chris Ryan, head of credit, Todd Morakis, head of commodities, and Sascha Prinz and David Sacco, co-heads of rates, all left the firm after a review of the fixed-income, commodities and currencies (FICC) division.

Earlier this month, UBS reported a fourth-quarter net loss of Sfr8.1 billion, bringing its full-year net losses to Sfr19.7 billion. The investment banking operations, in particular the FICC division, were labelled as the principal source of poor performance. Total losses in FICC amounted to Sfr3.1 billion.

See also: Q4 loss of Sfr8.1 billion for UBS
UBS exits exotic structured products business in FICC