UBS private banker Paul Raphael was pegged to leave after losing out in turf war earlier this year. The heavyweight of emerging markets has secured his next gig, finews.asia has learned.
Paul Raphael isn’t going anywhere: the British-Lebanese banker is now an executive vice-chairman of UBS, a source told finews.asia. A spokesman for the Swiss bank confirmed the appointment.
In January, the 56-year-old’s career prospects looked bleak: UBS said it was «discussing options» for Raphael. The former number-two at UBS’ private bank had just been displaced by Christine Novakovic, who was named head of Europe, the Middle East, and Africa, as finews.asia reported exclusively.
Five months later, Raphael has risen like a phoenix from the corporate ashes. How?
Job Demand
Raphael, who is fluent in Arabic, French, Portuguese, and Spanish, didn’t leave UBS to nurse his wounds following the humbling defeat. Instead, he proffered his credentials and rich client contacts to UBS. Specifically, Raphael demanded – and received – a prestigious new job at the private bank, the source said.
His job description, beyond tending to major clients and key business, is murky. To be clear, Raphael has been stripped of management responsibility and relegated to a role considered a largely symbolic consolidation prize. The move follows the departure of his boss and protector, Juerg Zeltner, from UBS in December, as well as a mega-merger of the bank’s wealth management arm.
Legal Threat
The source told finews.asia that Raphael threatened to take legal action against the bank – it is unclear on what grounds – if not reinstated in another role. A spokesman for UBS didn’t comment.
Raphael’s comeback at UBS is stunning because he didn’t just lose out to Novakovic: he had also been in a turf war with Josef, or «Joe», Stadler. The Swiss bank’s go-to man for the ultra-rich, or those with more than $50 million to bank, had increasingly trod into Raphael’s territory.
By late last year, Stadler had cemented full operational and financial control over the ultra-high net worth in emerging markets, snatching a major part of Raphael’s pie, as finews.asia reported exclusively.
With a presumably well-paid vice-chairman job which allows Raphael to keep his managing director title, the former heavyweight private banker may yet have the last laugh.
