UBS’ global head of industrial investment banking, Karl Knapp, has left to join The Blackstone Group’s advisory business, according to Reuters reports.
Knapp was also a vice chairman at UBS, which is working to revamp its investment banking business after a number of high profile departures over the last few years.
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UBS CEO, Sergio Ermotti, hired Andrea Orcel to reshape its struggling investment bank business in July 2012. Italian banker Orcel has also been brought in a group of close collaborators from Bank of America (BofA).
UBS cut its overall bonus pool for 2012 by 7% percent and introduced a scheme under which bankers can be paid in a form of deferred financial instruments that are revoked if the bank’s capital targets are not met.
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