Swiss bank UBS said the co-head of its investment bank since 2018 is departing, leaving a trading veteran as the sole head of the unit.
Zurich-based UBS' Piero Novelli is leaving at the end of next month, UBS said in a statement on Monday, to retire from the banking industry to pursue new opportunities. The 55-year-old was co-head of UBS' investment bank since 2018, with Rob Karofsky.
Novelli, a 55-year-old veteran Italian dealmaker and close associate of designated Unicredit boss Andrea Orcel, is leaving in favor of a boardroom career and to teach finance and business, UBS said. This puts UBS' investment bank into the hands of Karofsky, a veteran trader who has been with UBS since 2014.
The duo had taken over as co-presidents of UBS' investment bank when Orcel left three years ago. Novelli's is the first top management exit for Ralph Hamers, who took over as CEO of UBS three months ago.
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