The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Sideways: Why does ‘Killer’ Karofsky get second billing in UBS’s The Odd Couple?

Jon Macaskill profiles the two new co-heads of investment banking at UBS.



When UBS had to replace its investment bank head Andrea Orcel, who is leaving to become CEO of Santander, it came up with a convenient internal solution to the succession problem.

UBS group CEO Sergio Ermotti may nevertheless have set the scene for future conflict with his decision to give top billing to Piero Novelli in the announcement that the veteran M&A adviser will co-head the investment bank alongside equities chief Rob Karofsky.

Alphabetical order by surname would dictate that Karofsky got the first mention, but the UBS announcement instead gave prominence to Novelli and led with the news that he will focus on the corporate client solutions business line, while Karofsky will supervise the investor client services unit.

Revenue generation is another factor that should point to a lead role for Karofsky in the UBS remake of the Odd Couple at the top of its investment bank.

In the first half of this year, Karofsky’s securities business generated SFr3 billion of revenue, more than twice the SFr1.45

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree