UBS’s new investment banking bosses are targeting a top-five position in equity capital markets (ECM). This is part of a drive at the bank to generate more profits from its traditional investment banking business.

In their first public appearance since taking over the top job at UBS’s investment banking from former president Andrea Orcel, who departed in September, new co-heads Robert Karofsky and Piero Novelli said that the Swiss bank intended to bolster advisory revenues and break into the top-five companies for equity capital markets globally.