The Swiss bank said the co-head of its investment bank since 2018 is departing, leaving a trading veteran as the sole head of the unit.
Zurich-based UBS' Piero Novelli is leaving at the end of next month, UBS said in a statement on Monday, to retire from the banking industry to pursue new opportunities. The 55-year-old was co-head of UBS' investment bank since 2018, with Rob Karofsky.
Separately, Euronext said it is proposing Novelli, a 55-year-old veteran Italian dealmaker, as its next chairman. Novelli, a close associate of designated Unicredit boss Andrea Orcel, and Karofsky taken over as co-presidents of UBS' investment bank when Orcel left three years ago.
The change puts UBS' investment bank into the hands of Karofsky, a veteran trader who has been with UBS since 2014. The exit of Novelli, who plans to teach finance and business besides boardroom career, is the first top management exit for Ralph Hamers, who took over as CEO of UBS three months ago.
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