UBS AG hired Severin Brizay from JPMorgan Chase & Co. to oversee its mergers and acquisitions team in Europe, the Middle East and Africa as Switzerland’s largest bank overhauls management of the business.
When UBS AG Chief Executive Officer Sergio Ermotti announced 10,000 job cuts in 2012, he put hundreds of staff on leave the same day. Since then efforts by Switzerland’s biggest bank to cut costs and boost profit slowed.
At 8 a.m. on Jan. 10, Takumi Shibata, chief operating officer of Nomura Holdings Inc., walked into the firm’s London boardroom overlooking the River Thames to try to salvage the 2008 acquisition of the European and Asian units of bankrupt Lehman Brothers Holdings Inc.
UBS AG, Switzerland’s biggest bank, increased its bonus pool 28 percent for 2013 as it returned to profit after a loss the previous year on reorganization charges and a fine for trying to rig global interest rates.
The balance of power among dealmakers is shifting, and this year’s World Economic Forum is proof: A record number of executives from emerging markets will attend the Alpine conference, a networking mecca for the global business elite.