UBS is gearing up to use its balance sheet heft to back its new co-head of investment banking as the Swiss group steps up efforts to revive its status in the market.
Sergio Ermotti, chief executive, last week hired Andrea Orcel – a 20-year veteran of Bank of America Merrill Lynch – to jointly run UBS’s investment banking operations in an early sign of the direction of his strategic ambition.
According to people close to the chief executive, Mr Ermotti is committed to backing the client relationships that Mr Orcel will bring with funding commitments on a par with those made available by BofA.
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