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Three weeks after departing Bank of America Merrill Lynch, Orcel has convinced six of his former deputies to join him when he takes on his new role as co-head of investment banking at UBS in July. The dealmaker, who spent 20 years at the US bank, most recently as executive chairman of its global banking and markets unit, is currently on gardening leave. The  ix hires include Javier Oficialdegui, Bank of America’s investment banking country head for Spain; Javier Martinez-Piqueras, head of equity capital markets; Emilio Greco, who is based in Italy, and Alberto Palombi, who focuses on emerging markets. Orcel has also tapped Christian Montaudo, who works in Italy and Carles Guzman in Spain.

Andrea Orcel convinced six former Bank of America Merrill Lynch colleagues to join him at UBS; Yoël Zaoui's plans to step down at Goldman Sachs were revealed; and Bob Diamond came under pressure over his pay at Barclays (again).

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David Thomas

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Find out who is on the move in the City and beyond this week

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The UK lender has given the leading compliance job to a 20-year veteran

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Several big law firms are discussing $500 million in pro bono legal services with the White House to avert restrictions on their business, people familiar with the matter said.

By Emily Glazer, Josh Dawsey and C. Ryan Barber

Latham & Watkins, Simpson Thacher Near Deals With White House

Treasury Secretary Scott Bessent helped persuade the president to take some time and negotiate with trading partners in the face of pressure from business leaders.

By Annie Linskey, Josh Dawsey and Meridith McGraw

Why Trump Blinked on Tariffs Just Hours After They Went Into Effect

Generative AI is going to reinvent virtually every customer experience and enable entirely new ones that have only been dreamed about, Amazon.com Chief Executive Andy Jassy said.

Amazon CEO Says Generative AI Will Reinvent Every Customer Experience

Carney said the 90-day pause, and Trump’s pledge to negotiate new trading arrangements with dozens of countries, “will likely result in a fundamental restructuring of the global trading system.”

Trump’s Tariff Pause ‘Welcome Reprieve’ For Global Economy, Canada PM Carney Says

The BOE said that further sharp falls in asset prices are likely.

Bank of England Warns of Tariffs Threat to Stability of Global Financial System

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