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Andrea Orcel’s exit raises new risks and questions for UBS

The hole left by the recent departure of the investment banking chief exposes gaps in the bank's wider strategy

By

David Wighton

Exit door: Andrea Orcel, then chief executive officer of investment banking at UBS, leaves Portcullis House after giving evidence in the UK Parliament's Libor enquiry
Exit door: Andrea Orcel, then chief executive officer of investment banking at UBS, leaves Portcullis House after giving evidence in the UK Parliament's Libor enquiry Photo: Getty Images

Sergio Ermotti, the chief executive of UBS, was seeking to reassure staff and clients when he declared there would be no change of strategy following the departure of charismatic investment banking boss Andrea Orcel.

It was an understandable aim, to calm fears that the investment bank will be cut back further now that it has lost the protection of its powerful leader.

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