Departure at the UBS investment bank in Switzerland: a top networking expert has decided to leave Switzerland’s largest bank.
Philippe Pillonel, head of the Swiss advisory services for corporate clients, has decided to step down from his position and leave the company. The bank confirmed the move after «Financial News» (behind paywall) had reported the departure.
Pillonel was chairman of investment banking Switzerland, a position he assumed in 2013 after a long career at rival investment banks including Goldman Sachs, Credit Suisse and C Capital consultancy. He advise numerous multinationals, including Swiss giants Nestlé, Roche, Glencore, Swiss Life and Swiss Re on transactions.
Tough Times at the Investment Bank
The departure of Pillonel follows a change at the helm of UBS investment banking Switzerland. The bank in October announced that Martin Kesselring would take over as head of the division.
The investment bank of UBS reported a drop in pretax of 60 percent in the third quarter of 2019. Global investment banking co-chiefs Piero Novelli and Rob Karofsky had previously said they would cut jobs at the business, a move that will include management positions.
