An important representative of the Credit Suisse investment bank in Switzerland is joining arch rival UBS, information obtained by finews.asia showed.
He is a dinosaur among the Swiss investment banking guild: Marco Illy, a man automatically associated with the country’s No. 2 bank, Credit Suisse. He is now about to move across Zurich's Paradeplatz to UBS.
At UBS, he will become head of investment banking in Switzerland, according to information obtained by finews.asia. Several mutually independent sources confirmed the information on Wednesday. Illy will start in his new role in December 2018. A spokesman for UBS confirmed the information.
Long and Distinguished Career
Two years ago, as Credit Suisse reshuffled its investment banking business, Illy had taken a step back after a long and distinguished career, assuming the title of chairman corporate and investment banking.
His deputy, Jens Haas, at that time took over at the helm of investment banking in Switzerland at Credit Suisse. He reports to Didier Denat, the head of corporate and investment banking in the bank’s home market.
Following in the Footsteps of Novakovic
Now, Illy seems to be looking for a new challenge, taking a role at UBS. The 60-year-old banker will succeed Christine Novakovic, who at the start of the year was promoted as head of UBS Wealth Management EMEA, ie for Europe, Middle East and Africa. The division is part of the new Global Wealth Management unit at the Swiss No. 1.
Illy won't be replaced at Credit Suisse, a source added.
