The latest World Cup was difficult for Andrea Orcel, being Italian. Still the head of the UBS investment bank was bowled over by the Croatians – and used them as a similarly inspiring message to his staff.
On Tuesday, UBS blew for half-time. The second-quarter results delivered by the bank exceeded expectations. Investment banker Andrea Orcel’s team did especially well: They raised pre-tax profit by 44 percent on the year, and this after delivering a sparkling result in the first quarter.
The boss Orcel, known for his penchant for management metaphors and restlessness, deemed it time for a special message to his team. Having already promised Ferraris and handbags, he placed himself, as a memo seen by finews.asia shows, in the role of a football trainer.
Role of Outsider
2018, the manager warned his team, consisted of two halves. In the second half the investment bank must improve on its first-half performance. More so because their unit, compared to larger foreign rivals, found itself in the role of an outsider.
Thus the Italian Orcel outed himself as a Croatia fan. Like the team from the Balkans, UBS bankers had to excel, and against all expectations, reach the final. «This is our Croatia moment!», Orcel told his underlings.
UBS’s highest-ranking investment banker sees the best goal scoring chances in China and the U.S., where they can be most effective in classic mergers and acquisition consultancy. As finews.asia has also reported, the Swiss are looking for deals and talents where they can earn the most.
Hoisting the Cup
Orcel, who has sent his bankers into the Nevada desert to toughen up, expects further uncompromising efforts. «I admit, our culture may not be to everyone’s liking», he wrote in the letter to staff. «But whoever has opted to work here, must buy fully into our vision.»
And Orcel wouldn’t be Orcel, if he wouldn’t want to do better with UBS than the Croatians, who in the end had to cede World Cup victory to France. «In December», he warned his bankers, «we will carry the cup off the pitch!»
