- Thomson Reuters
UBS just announced a big shake-up in its investment bank.
A trio of senior staff are leaving, according to a memo sent to employees by Andrea Orcel, president of the investment bank.
Here are the headlines:
- Chris Murphy, who had been cohead of FX, rates and commodities, or FRC, is leaving. He will stay on at the firm until September. George Athanasopoulos will become sole head of FRC. Roger Naylor, cohead of equities, is leaving. Robert Karofsky will become sole head. Matt Hanning, who had been head of corporate client solutions, in Asia Pacific, is leaving. William Vereker and Ros Stephenson will be global coheads of CCS. Sam Kendall will become head of CCS in Asia Pacific.
In a memo to staff, Orcel said:
“This is the fourth year since we launched the new strategy for our Investment Bank, during which time we have surpassed expectations internally and externally. We have made progress in shaping the Investment Bank into a business we can once again be proud of, and delivered growth for all our stakeholders.
“However, we are now in a period of dislocation – a perfect storm of challenges and changes from regulation, competitors and markets. While this situation places huge pressure on our industry and on our business, it has also offered us a unique opportunity to reassess, making changes to our advantage and driving client centricity.”
“I can’t promise you that it will all be smooth sailing from now on in, or that in our endeavour to further enhance the client centricity of our business we won’t have to make further adjustments. But I can promise you that as we move forward, we will be open and transparent with you on the progress and success of our strategy.”