As UBS AG board members gathered in Sydney last year to consider the bank’s fate, they joined 200 clients to drink champagne, eat canapes and mingle among beds of anthurium with purple spadixes jutting into the air.
Australia, the world’s biggest iron ore and coal exporter, can’t escape fallout from economic stagnation in the U.S. and Europe and should be saving more for leaner times, UBS AG’s top banker in the nation said.
UBS AG’s joint head of global investment banking Jimmy Neissa plans to leave the company at the end of March to focus on family business, Carsten Kengeter, head of the investment bank, said in a memo to employees.
UBS AG is taking the biggest share of Australian mergers advisory since 2004 after working on four of this year’s five largest transactions involving local companies, as deal making rebounds from a slump.
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.