
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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