Citigroup has promoted Piers Davison to co-head its financial institutions group in Europe, Middle East and Africa, as part of a raft of changes in the FIG business at its corporate and investment bank.
In the meantime, Bloomberg News reports that Juerg Zeltner, the head of UBS's $1.3 trillion wealth-management unit, is stepping down in January and will be replaced by Switzerland chief and former Commerzbank head Martin Blessing.
The move is the second high-profile private banking departure in two weeks after Julius Baer Group Ltd. chief Boris Collardi left the bank for Pictet & Cie. The Zeltner move was reported earlier by Bloomberg.
Cormier will join UBS in March 2018 from Bank of America Merrill Lynch.