Bloomberg News reports that the surprise defection of investment banking head Andrea Orcel’s to Spain’s Banco Santander leaves the chief executive officer of the world’s largest wealth manager bereft of a key partner. The two were instrumental in executing the bank’s envied turnaround of its securities unit, while the loss may add to calls for clarity on who might succeed Ermotti.
“We are disappointed with Andrea Orcel leaving UBS as we rated him as one of the best investment banking heads in Europe,” JPMorgan Chase & Co. analysts Kian Abouhossein and Amit Ranjan wrote in a note to investors. “The potential CEO succession within UBS in the long-term is not very obvious to us at this point.”
Hit the link below to access the complete Bloomberg News article:
Have something to tell us about this article?