A veteran UBS investment banker has left the company in the U.S. as he was due to receive yet another new position not long after having assumed responsibility for the U.S. advisory business.
Sam Kendall, head of the advisory business at UBS investment bank in the U.S., left bank to pursue other interests, «Bloomberg» reported.
The Australian banker had joined the Swiss bank in 1996 and had moved to New York from Hong Kong two years ago to take charge of the equity capital markets unit. He later assumed control over the advisory business after a clash between the previous boss of the unit, John Reece and Andrea Orcel, the former head of the UBS investment bank.
Survivals Theories
As the Swiss No. 1 lender initiated a restructuring process, Kendall was set to receive another post as head of strategic initiatives in global banking, a move announced in September, «Bloomberg» said. Kendall has now chosen not to accept this latest move.
The banker in the summer 2019 caught the headlines, when he reportedly recommended his staff to read a book by Charles Darwin – suggesting that not the most intelligent or strongest will survive at UBS, but those who know best to adapt to changing environments.
