J. P. Morgan has rehired its former Europe, the Middle East, and Africa (EMEA) head of oil and gas, whom it lost to UBS last year.
Daniele Apa rejoined JPM as EMEA head of oil and gas last month, thereby slotting straight back into the position he held at the U.S. bank before quitting for UBS in July 2017.
Apa spent little over a year at the Swiss bank, which is currently recovering from the loss Andrea Orcel, the head of its investment bank in September. Orcel set out to improve UBS's presence in M&A and corporate finance, with limited success.
An MSc in Mechanical Engineering from Politecnico di Milano, Apa spent most of his career at J.P. Morgan. He joined the bank in 2004 as an analyst, oil & gas, and utilities, became an associate in 2007, a vice president in 2010, an executive director in 2013 and a managing director in 2016. He moved to UBS around a year after becoming an MD at J.P. Morgan. Now he seems to be having second thoughts.
To fill the void left behind by Orcel, UBS promoted ex-global merger and acquisition head Piero Novelli and equities chief Robert Karofsky as co-heads of the investment bank late September. It looks like may now need to find or promote a new head of EMEA oil and gas too.
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