They report to Mike Hammond and TJ Lim, global co-heads of Markets.
Steffens is currently head of Equity Capital Markets and based in London, while Bales is head of Capital Markets Financial Institution Group/ Public Sector and based in Munich.
They will keep their roles in addition to their new roles, said UniCredit.
Steffens joined the bank in July 2008, having previously been a partner at the advisory group, Sietz & Partner where he was responsible for major privatizations as well as IPO advisory business and M&A.
Prior to this he was head of the German speaking Equity Capital Markets business of Lehman Brothers and has also held senior roles in the M&A Divisions of Merrill Lynch and S G Warburg.
Bales joined in January 1999, having previously spent over five years at Goldman Sachs. During the past 12 years at UniCredit Bank AG, he has had managerial responsibility for their Jumbo Trading, Syndicate and FI/PS Origination and DCM areas before taking on the role of leading the newly founded CM FIG Group in 2010.
