Finance

UniCredit shakes up investment bank leadership as Orcel streamlines management

UniCredit has unveiled a new leadership team for its corporate and investment bank, eliminating some senior roles as the bank looks to simplify its organisation under new boss Andrea Orcel.

The Italian lender has made a flurry of changes to its corporate and investment bank, including stripping out some dual leadership roles as it looks to “simplify set-ups, increase transparency, and boost accountability” under Orcel’s leadership, according to an internal memo sent by CIB boss Richard Burton, seen by Financial News.

Goffredo Guizzardi will become sole head of its financing and advisory unit, with current co-head Christian Reusch set to step into another senior role at UniCredit, which has yet to be announced.

Meanwhile, Luca Corsini will lead its transaction banking business. His co-head Giovanni Solaroli will move into a senior position in the unit in Italy.

READ Andrea Orcel shuffles UniCredit leaders in first major move as CEO

Marco Bales and Lionel Bignone have been named co-heads of the bank’s sales and trading business.

Alfredo Maria De Falco, Jan Kupfer, and Fabio Fornaroli are now leading its corporate and investment bank in Italy, Germany and Central and Eastern Europe respectively. Meanwhile, Francesco Salvatori is UniCredit’s new head of financial institutions coverage, replacing Guy Laffineur, who has been promoted to lead its international business.

All the changes will be complete by the end of July. The bank also made a raft of changes in support and technology functions including risk and legal. These include the promotion of Joanna Pamphilis to chief digital officer for a new digital unit within its corporate and investment bank.

“This is a journey not a final destination, and there may be further adjustments as we seek to optimise. But for now, we need to continue planning, and reimagining our approach to serving our clients as best we can,” Burton wrote in the memo.

Orcel, who took the reins of the Italian lender from former chief executive Jean Pierre Mustier in April, told staff shortly after joining that he was set to change with “some urgency” and that it will “not be an easy road ahead”.

READ Andrea Orcel tells UniCredit staff it ‘will not be an easy road ahead’ as he takes helm

Within weeks Orcel, who was previously head of UBS’s investment bank, had installed a new management team, slimming down its executive committee and handing a bigger role to its corporate and investment bank. The bank replaced its previous executive management committee, which comprised 27 people, with a new 15-strong group executive committee, with a number of senior executives departing.

“I have felt your frustration about some of the decisions that have been made, confusion about where ultimate responsibility lies, and the resulting lack of accountability,” Orcel said when announcing the changes.

 

To contact the author of this story with feedback or news, email Paul Clarke

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