Alex Wilmot-Sitwell, 49, is one UBS banker who has survived the crisis with his reputation not only intact but enhanced. Lately, he has advised Lloyds Bank on its rescue of HBOS (see “Rainmakers,” page 18); led Anglo-American’s defense against rival Xstrata; and is now helping Cadbury fend off Kraft.
The bank’s new CEO, Oswald Gruebel, is pushing client-led activities like M&A advice to the forefront at the expense of proprietary trading — the activity that cost UBS $40 billion in losses. In April, Gruebel recognized Wilmot-Sitwell’s client relationship and deal-making skills by handing him joint responsibility for UBS’s investment bank, along with fixed-income head and ex-Goldmanite Carsten Kengeter.
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