The co-head of UBS’s financial institutions group in Europe, Edouard de Vitry, is leaving the bank in the latest high level restructuring in its investment bank division, three people with knowledge of the situation said on Tuesday.
Javier Oficialdegui, the other co-head of the financial institutions business, who was brought in by UBS’s new head of investment banking Andrea Orcel, will be sole head of the advisory team after De Vitry’s departure, one of the people said.
According to Reuters, UBS declined to comment.
De Vitry, who advised ABN Amro ahead of its acquisition by a Royal Bank of Scotland -led consortium in 2007, has led UBS’s FIG team in Europe, Middle East and Africa since 2008. It is not known where de Vitry will go next.
“This is all very consistent with Orcel’s modus operandi so far,” a person familiar with the situation said.
Since UBS CEO Sergio Ermotti hired Orcel to reshape its struggling investment bank business in July 2012, the Italian banker has brought in a group of close collaborators from Bank of America, where he and Ermotti worked for years.