UBS has promoted Stephen Cruise and Jonathan Herbst to co-heads of Midwest coverage in the US and the investment banking department in Chicago. Cruise is currently a managing director leading the investment banking coverage for some of the firm's top Midwest clients in the manufacturing and services sectors while Herbst is a managing director in the TMT group. Both will become part of the UBS Group Chicago Executive Committee and report to Aryeh Bourkoff, head of investment banking for the Americas.