Andrea Orcel News
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Bank of America Corp. hired Jim O’Neil, the executive responsible for managing the government’s stakes in U.K. banks, to advise its clients in the financial services industry.
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UBS AG hired Nomura Holdings Inc.’s former co-head of investment banking, William Vereker, to help oversee its merger advisory and capital markets operations in Europe.
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UBS AG, Switzerland’s biggest bank, plans to increase its Asia corporate advisory and capital markets team by 10 percent over three years to tap expansion in the world’s fastest-growing region.
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Bank of America Corp., the second- largest U.S. lender by assets, hired former Goldman Sachs Group Inc. banker Luigi Rizzo to become head of mergers and acquisitions for Europe, the Middle East and Africa.
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UBS AG Chief Executive Officer Sergio Ermotti’s 2012 pay of 8.87 million Swiss francs ($9.3 million) was dwarfed by the 24.9 million francs in cash and stock investment bank head Andrea Orcel got on joining the bank.
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UBS AG will need three to five years to fully transform its investment bank under a plan outlined last month, Andrea Orcel, who heads the unit, told staff at town hall-style meetings over the past two weeks, according to two people who heard him speak.
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UBS AG used contacts with China’s richest people to help it climb into the top-five arrangers of G-3 bonds in Asia for the first time since 2011.
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Credit Suisse Group AG, the second- biggest Swiss bank, raised Chief Executive Officer Brady Dougan’s total compensation by 34 percent for 2012, a year when net income declined.
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Andrea Orcel, chief executive officer of UBS AG’s investment bank, is creating two client groups in an overhaul of the operation to revive profit.
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UBS AG is in the process of rooting out “negative elements” of its corporate culture after Switzerland’s largest bank was fined $1.5 billion by regulators for trying to rig global interest rates, said Andrea Orcel, chief executive officer of the investment bank.
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