Andrea Orcel, a prominent merger and acquisitions specialist, has been making waves since being hired by UBS back in July.

Many have welcomed the shake-up he has put into motion, and morale has been lifted through revenue boosts and the introduction of new clients, although Reuters reported today that there are fears amongst UBS staff of 15% lay-offs (70-90 people) in the European advisory division.

Like most of the banking industry, recession has necessitated innovation and a change in UBS’ business models. Planned changes include prioritising wealthy clients and tailoring the investment bank to their needs, whilst reducing riskier activities.

Corporate finance teams are being redesigned, focusing on a few key sectors. Speaking to reuters, a former senior UBS banker commented: ‘UBS is likely to be very individual and client-driven, exactly like Andrea himself. The focus on big clients and places where they can make revenues is going to be reinforced.’

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