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UBS: Karofsky to become sole president of investment banking

( - Piero Novelli is stepping down as the co-president of UBS' investment banking unit, leaving Robert Karofsky as the sole president of the division, the Swiss wealth manager said on Monday.

Karofsky joined UBS in 2014, leading the global equities business. In 2018, he and Novelli became joint presidents of the investment banking division, reshaping the business, focusing on profitable growth, and investing in digital transformation.

Under their tenure, the unit achieved its best annual results since 2012, finishing 2020 with "exceptional" returns, the private bank said.

Novelli will retire from the banking industry to pursue new opportunities, including non-executive chairman positions and roles in academia, teaching finance and business, UBS noted. He will step down on 31 March.

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