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Banking

Wilmot-Sitwell to take senior role at Bank of America

UBS investment bank chairman jumps ship to BAML – to take the role that Orcel was offered before he moved to UBS

Alex Wilmot-Sitwell, one of UBS’s most senior investment bankers, has left the firm. Euromoney understands that Wilmot-Sitwell will join Bank of America Merrill Lynch as regional head of Europe and head of emerging markets ex-Asia.

This is the role that was offered to Andrea Orcel, the former chairman of BAML’s global banking and markets division, was offered before he moved to UBS as co-head of investment banking last month.

 
Alex Wilmot-Sitwell 

In a further twist to the job-swapping, Wilmot-Sitwell was himself co-head of the investment bank at UBS with Carsten Kengeter before he moved to Asia almost two years ago as co-chief executive for the region. Most recently, Wilmot-Sitwell had been appointed chairman of UBS’s investment bank, although he remained based in Hong Kong.

Wilmot-Sitwell brings a wealth of experience and client contacts to BAML. He was previously co-CEO of UBS’s investment bank in Europe and head of client coverage. He was highly regarded at UBS and generated a lot of loyalty among his reporting groups.

It is an important hire for BAML, which has suffered an exodus of senior management in recent months. Other than Orcel, the president of EMEA, Jonathan Moulds, is about to retire from the firm; most recently Michael Rubinoff, former co-head of investment banking, quit the firm this week.

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