Published: March 23, 2012
BAML executive chair to co-lead investment bank.
UBS has appointed Andrea Orcel as the co-chief executive of its investment bank.
The Italian joins UBS Investment Bank after 20 years at Bank of America Merrill Lynch, where he is currently executive chairman and president of emerging markets, excluding Asia.
Orcel takes up his new position in July alongside Carsten Kengeter and will report to Sergio Ermotti, UBS’s chief executive. He will also join UBS’s executive board.
Also strengthening the investment banking team is Alex Wilmot-Sitwell. He is stepping down as co-chief executive of UBS’s Asia Pacific to become UBS Investment Bank’s chairman from April.
Chi-Won Yoon will become sole chairman and chief executive of Asia Pacific.