A high-earning investment banker who hit the headlines at the height of the financial crisis because of his high bonuses has made a cross-industry move.
Andrea Orcel has left Bank of America Merrill Lynch for UBS - which is headquartered in Basel and Zurich - and it is expected that the Italian dealmaker will co-head the institute's investment bank alongside Carsten Kengeter.
Mr Orcel - who has played a significant role in some of Europe's biggest banking deals - is expected to begin his new role at the beginning of July and the move will see him team up with his former colleague UBS chief executive Sergio Ermotti.
Speaking to Reuters, a banker who has worked on a number of deals with Mr Orcel said of the industry figure: "He is effective, even ruthless, when it comes to getting things done. There is a good chance some of his clients will go with him [to UBS]."
By Tony Aynsley
