UBS Hires Credit Suisse Executive to Run Investment Banking in Switzerland
May 09 2018 - 11:05AM
Dow Jones News
By Brian Blackstone
UBS Group AG (UBS) has turned to its crosstown rival Credit
Suisse Group AG (CS) for its new head of Swiss investment banking,
a key post in UBS's home market.
UBS has appointed Marco Illy to head its investment bank in
Switzerland. Mr. Illy was previously chairman of corporate and
investment banking at Credit Suisse.
"Marco Illy's appointment comes at an important time for our
business, as we look to further build upon and strengthen our
platform," according to a memo Wednesday seen by The Wall Street
Journal and which's content was confirmed by the bank. Mr. Illy
will report to Andrea Orcel, head of the investment bank, and Axel
Lehmann, who runs Swiss operations.
Mr. Illy helped build up Credit Suisse's investment banking
business over three decades with deals that, according to the memo,
included Nestle's divestiture of Alcon, the sale of Actelion to
Johnson & Johnson and more than 50 IPOs in Switzerland.
Two years ago, Mr. Illy moved into the role of chairman of
corporate and investment banking at Credit Suisse, a client-focused
role that didn't involve active management of the division. His
position at Credit Suisse won't be replaced, said a Credit Suisse
spokesman.
Although both UBS and Credit Suisse have scaled back investment
banking in recent years in favor of wealth management, it is still
an important source of revenue and helps to generate business for
wealth management. The investment banking unit of UBS earned 1.5
billion Swiss francs ($1.5 billion) in adjusted, pretax operating
profit last year.
Mr. Illy will start at UBS in December.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
May 09, 2018 10:50 ET (14:50 GMT)
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