The UBS Investment Bank is facing a string of high-profile departures and its boss, Andrea Orcel, has warned the staff to be ready for substantial pressure.
A number of top investment bankers are leaving UBS. Andrea Orcel, the head of investment banking, has told his staff that challenges and changes combined to create the perfect storm, according to a report by «AWP» newswire (story behind paywall).
The UBS Investment Bank is sailing in troubled waters, according to a letter directed to staff. Regulation, competition and markets were the major challenges prompting the head of the unit to initiate the reshuffle among his management crew.
Outs and Ins
Chris Murphy, Roger Naylor and Matt Hanning are leaving the company, Orcel wrote.
Murphy was the co-head of forex, rates and credits (FRC). Georgeo Athanasopoulos will continue to manage the unit on his own.
Naylor had teamed up with Rob Karofsky for the management of equities. Out goes Naylor, while Karofsky has been left in charge. Athanasopoulos and Karofsky received a clear a strong mandate to move the two units closer together, Orcel said.
More May Come
Hanning was the boss at Corporate Client Solutions (CCS) in Asia/Pacific. He will be replaced by Sam Kendall. Ros Stephenson and William Vereker have been put in overall charge of the unit, while retaining their regional titles and responsibilities.
Orcel also said that he wasn't able to promise calmer waters or further adjustments, as the bank bids to put the focus even more on the business with clients.
