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UBS must find a new boss at the investment bank in Switzerland. The break between Marco Illy and Credit Suisse thwarted his plan for change.
Already next week Marco Illy takes over the management of the investment bank at UBS in Switzerland. Now his contract of employment has been dissolved.
"By mutual agreement with UBS, we have decided not to hold the position of Head Investment Banking Switzerland," confirmed Illy finews.ch"The corresponding contract is not executed."
A UBS spokeswoman also confirmed it. Credit Suisse (CS) no longer wanted to comment on the case.
Lack of basis for cooperation
Illy stopped working for CS at CS in September, when the banker was already in the so-called "gardening leave". His notice ended at home. One of the reasons for the immediate closure of the bank was that Illy had referred a former client to UBS, possibly violating his employment contract, such as finews.ch at this time reported.
After the noise of these events, the basis of a fruitful cooperation was no longer given, as the Illys environment calls it. Another factor is the change of Andrea Orcel, Global Head of UBS Investment Bank, traveled to Santander.
The investment bank remains without a Swiss boss
Illy, Orcel and Switzerland Axel Lehmann should have pointed out, he did not seem more than assured that he would be able to implement his ideas. The position is since the change of Christine Novakovic is no longer busy in asset management. In addition to the Swiss investment bank, Novakovic also managed corporate affairs in this country.
Instead, UBS seems to be thinking of continuing its activities without the CEO of Switzerland. As a result, the managers of the various departments of the local branch of the investment bank simply continue to report to their superiors.
Involved in all major transactions
Illy was one of the most critical factors of investment banking at CS for decades. His more than 30 years with the bank have resulted in his role as head of investment banking in Switzerland.
Specialist in initial public offerings and mergers, he had the habit of playing the game when major deals were pending in Switzerland. For example, he had sold the UBS stake in the federal government or had DKSH, Leonteq, Glencore and other publicly traded companies.
Descent after reorganization
It was also crucial for the CEO Tidjane Thiams Plan involved bringing the Swiss entity of the big public bank. This idea was abandoned in 2017 in favor of a capital increase.
After the restructuring under Thiam Illy was under the Swiss boss Thomas Gottstein, a former protégé, became the "director of breakfast". He hoped to make new fury in the operational affairs of UBS.
What he will do next is still open. As we can hear, he is in discussion with various companies and does not exclude the transition to self-employment.
Following the publication of this article, Marco Illy told finews.ch that all the differences between him and Credit Suisse had been corrected.
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