Shifting Sands at UBS and Santander
The obvious inference one could draw from the appointment of the current head of UBS' investment banking business, Andrea Orcel, as CEO of Santander is that UBS is pulling even further away from investment banking and that Santander might have designs on increasing its investment banking presence. This might be too simplistic. While we do believe this is further confirmation of the reduced importance of investment banking to UBS, we would be surprised to see an aggressive expansion of Santander'...
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