Steven Smith Leaves UBS

Steven Smith, who ran the global restructuring group at UBS, has left the bank, Reuters wrote Friday. The move comes shortly after UBS moved its restructuring group to its leveraged finance group headed by Brendan Connolly as part of a cost-cutting initiative, Reuters reported. Bloomberg has reported that Smith is in talks to join buyout shop Aurora Capital Group.

(Reuters) – Steven Smith, who ran the global restructuring group at UBS AG (UBSN.VX), left the investment bank this week, a UBS spokesperson said on Thursday.

The departure of Smith, who has been with UBS for about a decade, comes weeks after the embattled investment bank moved its restructuring group to its leveraged finance group headed by Brendan Connolly as part of a cost-cutting initiative.

Smith left the firm to pursue other career opportunities, a person familiar with the matter said. Citing people familiar with the matter, Bloomberg reported earlier on Thursday that Smith is in talks to join Los Angeles-based private equity firm Aurora Capital Group.

Smith once was in charge of UBS’ entire group of restructuring, leveraged finance and financial sponsors practice, which were separated into three different divisions several years ago.

(Reporting by Soyoung Kim; editing by Andre Grenon)