Andrea Orcel, one of Bank of America Merrill Lynch’s top investment bankers in Europe, will be leaving the firm to head up UBS’ investment banking unit, according to the Wall Street Journal. [h/t @moorehn]
The move will be a big blow to BofA, who has been trying to expand its operations in Europe. And as if to rub salt into the wound—Orcel left a day before BofA was set to give him a big promotion to president of its European operations. That means Orcel was actually doing a really good job at BofA and an asset.
Yet, maybe BofA shouldn’t be surprised. Orcel’s tenure at BofA has been testy since Merill Lynch (Orcel’s original employer) merged with BofA during the financial crisis, according to the WSJ Back in 2009, BofA basically gave Orcel more authority than the bank’s head of international operations because the company viewed the brilliant dealmaker as a “flight risk” and wanted to keep him on, according to Deal Journal.
But sources have also told the WSJ that Orcel’s new position at UBS hasn’t been confirmed by the board of directors, which puts him in an odd, precarious spot. Here’s hoping he made the right choice.