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UBS Mulls Investment Bank Overhaul, Hundreds of Jobs at Risk

  • Dual UBS investment banking heads are working on strategy
  • Unit has posted volatile results since Andrea Orcel departure
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UBS Mulls Investment Bank Overhaul
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Almost a year after taking over at UBS Group AG’s investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.

Novelli, who runs deals, is considering a reshuffle of his leadership as he and trading chief Karofsky seek to revamp a division that’s posted volatile results in the past year, according to people familiar with the matter. Their plans could entail hundreds of job cuts, said the people, who asked not to be identified because the deliberations aren’t public.