UBS banker leaves for the Blackstone Group
According to two anonymous sources familiar with the move, the global head of industrial investment banking of UBS has resigned from the bank to join the advisory business of The Blackstone Group. Karl Knapp has decided on the move as vice chairman of UBS.
Knapp was working to restructure the banks investment business after a number of departures in the last few years. To replace Knapp, UBS Chief Executive Sergio Ermotti had hired Andrea Orcel for the task back in July 2012. Orcel is an Italian banker who had brought with him many bankers from Bank of America to UBS.
A new scheme was implemented in 2012 where the Swiss bank had cut its bonus system where bankers would be paid through deferred financial instruments that would be cancelled should the bank's overall targets were not met.
Both Knapp and UBS could not be reached for comment. Blackstone could not be reached for comment.