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UBS CEO Sergio Ermotti blamed a terrible market backdrop for lower investment banking and global wealth management revenues in the first quarter.
A $57 million pay dispute sees Andrea Orcel get dumped as new Santander CEO before even getting started
The Spanish banking giant said that the level of compensation that was required to hire Andrea Orcel was "unacceptable."
Ex-investment banking head at Bank of America, Christian Meissner, is reportedly in talks to become CEO at UBS, replacing Sergio Ermotti.
"Our target is to keep as many people as we we can in London," UBS boss Sergio Ermotti said.