UBS has been shifting the senior ranks for its corporate client solutions teams in Europe, following the appointment of William Vereker at the helm of the division last year. The result has been a string of departures at managing director level and the movement of others within the organisation over the past few months.
However, UBS has also been hiring and the bank has brought in some more senior coverage bankers this month. Anthony Iofe, who only switched to Bank of America Merrill Lynch to head up its corporates and special situations group for Russia and CIS from Deutsche Bank in May 2013, joined UBS last week in a similar position.
Meanwhile, Stefanos Papapanagiotou, managing director and head of investment banking for Greece and Cyprus at Credit Suisse, also joined UBS earlier this month as head of corporate client solutions for Greece and Cyprus.
The Swiss bank has also brought in former Morgan Stanley banker Paul Malony as head of UK corporate DCM and derivatives origination.
This is all part of a broader shake-up at the bank. Earlier this month, Remko Eddes, country manager for the Netherlands at UBS, left the bank, according to an internal memo seen by Financial News. UBS has been shifting its senior country coverage bankers in the past few months – Juan Monte was named head of country coverage for EMEA in May, with James Hartop stepping down from this position to focus on client coverage.
Last year, Andrea Orcel, head of UBS’s investment bank, promised to bring in up to 24 senior investment bankers, saying he wanted to hire some bankers with “grey hairs”. This runs counter to the strategy being employed by a number of rivals in London who are ejecting expensive MDs and hiring more at the junior level.
As well as a number of recent managing director exits at the bank, senior bankers have been brought in. Severin Brizay came from JPMorgan to lead UBS’s EMEA M&A division and Glenn Rewick joined from Bank of America as a managing director focusing on healthcare deals.
UBS didn’t immediately respond to requests for comment on the appointments.
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