Daniel Coleman, the global head of equities at Swiss bank UBS is stepping down after 24 years at the bank.
Coleman will be replaced by Neal Shear, the current global head of securities, until a permanent replacement is found, according to an internal company memo seen by Reuters. A spokesman from UBS confirmed the contents of the memo.
Coleman based in Stamford, Connecticut, was instrumental in building UBS equities platform and played a key role in the integration of some of the big acquisitions, including Paine Webber merger, the memo said.
Coleman was appointed joint global head of equities in 2005 and was named the sole head for the business in 2008.
"Daniel Coleman has decided to leave the bank to spend time away from the industry, before taking up a new challenge," according to the memo.
Coleman's departure comes soon after the payment of 2009 bonuses. UBS is facing a more competitive environment in the United States as the financial crisis led to the emergence of brokerage giants Morgan Stanley Smith Barney, Bank of America-Merrill Lynch and Wells Fargo.