'A perfect storm of challenges'.
UBS investment-banking chief Andrea Orcel announced the departure of three senior executives in , citing the need to streamline operations amid “dislocation” from turbulent markets and increased regulation.
Bloomberg News reports that Roger Naylor, co-head of equities, Chris Murphy, co-head of fixed income, rates and currency, and Matt Hanning, head of corporate client solutions in the Asia Pacific region, will all step down, Orcel said in a Wednesday memo to staff whose contents were confirmed by a spokesman. The businesses will be run by the remaining co-heads, with George Athanasopoulos in charge of the fixed-income group, Ros Stephenson and William Vereker leading corporate client solutions and Rob Karofsky heading equities.
'We are now in a period of dislocation - a perfect storm of challenges and changes from regulation, competitors and markets', Orcel said in the memo.
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