By merging its investment banking operations with those of Credit Suisse, UBS moves back into the top ten for fee generation. The bank's intentions run in a different direction.

With its acquisition of Credit Suisse, UBS moves back into the top ten investment banks when using the yardstick of fees, coming in seventh in the global investment banking revenue rankings, according to figures from data provider Dealogic.

Before the merger, UBS was ranked 14th and Credit Suisse 18th before the forced marriage.

Second-best European bank

With the merger of the two deal-making teams in progress, UBS booked $821.8 million in fees so far this year, representing a 2.7 percent market share, as reported by «Financial News».

That moves UBS ahead of European rivals BNP Paribas and Deutsche Bank, with Barclays the only European bank ahead of it, occupying sixth place with about $1.1 billion in revenue.

Traditionally strong Credit Suisse

The last time UBS ranked among the top ten in fee generation was in 2021 when it reached 10th place amid an unprecedented deal boom. Last year, it ranked 12th with $1.3 billion.

Before the recent crisis, Credit Suisse was consistently among the top-ranked European investment banks globally, thanks largely to a strong US presence and leading leveraged finance business, running at least six or seventh for the past 22 years.

Facing Downsizing

UBS executives have made it clear that Credit Suisse's investment bank will be downsized significantly by shedding its trading books. It will also selectively bring in rainmakers in areas where UBS wants to grow, including the US, and sectors such as technology and health care.

UBS currently ranks 14th in the Americas, rising 20 places from 34th before the merger, according to Dealogic.

Leaders Appointed

«Financial News» goes on to report the leadership of the investment bank is known. David Miller, co-head of Credit Suisse's investment bank, will depart with Michael Ebert promoted to head the Americas unit.

Other key positions remained with UBS executives. George Athanasopoulos and Jason Barron are named co-heads of Global Markets, and Javier Oficialdegui leads the dealmaking team along with Marco Valla, who will join UBS.