UBS loses India CEO

Manisha Girotra, who was head of UBS in India, has resigned and the Swiss bank has appointed Aashish Kamat to replace her. The departure comes amid a downsizing at both UBS and Credit Suisse, which some sources say is focused on reducing investment banking.

Girotra was a UBS veteran who worked with the Swiss bank for more than a decade. She was head of UBS Securities in India until 2009, when the Swiss bank launched full-fledged banking operations in India, and thereafter became group CEO for India. Under her watch UBS has built an enviable position in investment banking in India and, specifically, is considered a force to reckon with...