The investment banking industry raised a collective eyebrow last month when it was announced that William Vereker, formerly global co-head of investment banking at Nomura, would be joining UBS this summer as head of corporate client solutions, the bank’s advisory and underwriting business.

That seat was (and is, until Vereker arrives) occupied by David Soanes, who has spent his career at the Swiss bank. Soanes has been appointed global head of the financial institutions group, but he stresses that he does not view his new job as a demotion.