UBS's Orcel Demands Bankers Hold 300 Client Chats a Year
- Move is said part of plans to boost investment bank profits
- Wealth management tilt sees smaller share of banking revenues
This article is for subscribers only.
UBS Group AG investment bank chief Andrea Orcel and key lieutenants are increasing pressure on top financiers to boost returns amid ongoing internal debates about the securities unit, people familiar with the matter said.
Managing directors who oversee specific sectors need to attend about 250 face-to-face client meetings a year, the people said, declining to be identified as the details are private. Bankers advising on mergers and IPOs who are responsible for individual countries need to meet approximately 300, the people said. Numbers are closely monitored, causing increased frustration, the people said. Those missing targets receive e-mail rebukes from top executives, one person said.