UBS AG analyst Glenn Schorr has left the company.
Michael Carrier will assume lead coverage of Goldman Sachs Group Inc. and Morgan Stanley from Schorr, UBS said in an internal memo, confirmed by spokeswoman Kelly Smith. Schorr did not immediately return a reporter's message left on his mobile phone.
Matthew O'Connor also left UBS this month. Schorr, who was based in New York, had been at UBS for six years.
Before joining UBS, Schorr was an analyst at Deutsche Bank AG.
Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
