Robert Karofsky has been confirmed as sole president of UBS investment bank, following his co-president’s decision to retire from the industry.
Piero Novelli is set to step down as co-president of the investment bank from 31 March, after choosing to retire from the banking industry to pursue new opportunities, such as chairman positions and roles in academia.
Alongside Mr Karofsky, Mr Novelli was credited with reshaping the business, focusing resources on opportunities for profitable growth and reinvesting in the bank’s digital transformation. UBS also stated the pair had deepened the investment bank’s relationship with the global wealth management and asset management segments.
Mr Karofsky joined UBS in 2014, leading the equities business globally, before he and Mr Novelli became co-presidents on the investment bank in 2018.
Mr Novelli on the other hand rejoined UBS in 2013, holding a number of executive roles across the investment bank. Prior to becoming the co-president, he was executive chair of corporate client solutions, global head of advisory and chairman of global M&A.
UBS Group chief executive Ralph Hamers commented: “I want to personally thank Piero for his contributions to reshaping our Investment Bank and successfully co-leading the business, employees and our clients through the pandemic.
“Our world-class Investment Bank is critical to the success of our Group strategy and I am confident Rob is the right leader to help us achieve our strategic ambitions.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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