Effective from 1 January 2012, the new unit will report to chief financial officer David Mathers and will be led by Gary Bullock.
According to an internal memo, the bank’s executive said the changes will contribute to the bank’s overall cost reduction efforts.

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"These changes will accelerate the development of more integrated operating and securities processing platforms across the bank, improving client access to our products and reducing the cost of delivery," the memo added.

The move comes on the back of a recent announcement made by the bank split its European private banking operations into two, to better address the diverging needs of clients in Western Europe and emerging Europe.

In another move the Swiss bank folded its Clariden Leu subsidiary into the rest of the bank, thereby removing a 250-year-old brand and further consolidating its sprawling business.

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