Wilmot-Sitwell was well regarded at UBS. Originally a corporate financier, he rose through the UBS ranks to become co-head of the investment bank. His career seemed to plateau in 2011 when Carsten Kengeter was promoted to sole head of the investment bank and Wilmot-Sitwell went to Asia as regional co-head. I expect a number of senior UBS bankers will follow Wilmot-Sitwell to Merrill. Thus both UBS and Merrill might undergo a period of turbulence as some staff depart and others join and need to mesh with the existing culture. This process could be messy and might ultimately benefit competitors.