The head of restructuring at UBS AG has left the investment bank and may be joining the Aurora Capital Group, according to reports.

Steven Smith departed the group shortly after it was combined with the leveraged fiancé group. He is reportedly in negotiations with Los Angeles-based Aurora. UBS and Aurora representatives were not immediately available for comment.

UBS is in the midst of a large overhaul that will see it reduce the size of its investment banking group. The Zurich-based bank announced in August it would reduce its staff by approximately 3,500.

In May, UBS combined its leveraged finance origination and leveraged capital markets functions globally under Brendan Connolly, global head of leveraged finance.

Christopher Abbate, previously the head of the U.S. leveraged finance capital markets, left the bank in May for Citigroup.

Financial services industry Restructuring