UBS' investment bank shuffled top management in its advisory arm and bumped two high-level bankers into vice-chair jobs for the wider unit.
The Swiss bank is naming veteran banker Javier Oficialdegui as head of its corporate client solutions unit in Europe, the Middle East and Africa, and Joe Reece for the same role in the Americas. The corporate client arm advises on mergers, acquisitions, and capital market financing for companies.
The changes were disclosed to staff in a memorandum from overall investment bank head Andrea Orcel and seen by finews.com. The appointments of Oficialdegui and Reece follow that of David Chin recently in the equivalent role in Asia. The changes were first reported by «The Wall Street Journal» (behind paywall).
Bumped Upstairs
The changes to regional oversight bump the current two co-heads of the corporate unit, Ros Stephenson and William Vereker, into new roles. They will become executive vice-chairs of UBS' wider investment bank at year-end, after helping to implement the new management structure.
In addition, Orcel said he will create co-executive chairman roles at the corporate unit for Piero Novelli and Mike Santini. Veteran European dealmakers, Novelli and Santini are to open doors with C-suite executives and board members for UBS' investment bankers, Orcel said. Industry and product heads in the unit will report to the two.
«These appointments will strengthen our leadership, position us to anticipate and respond faster and better to the ever changing environment and take advantage of the opportunities and challenges we will face going forward,» Orcel said.
