Hire Wire Mar 22 2012

Kengeter at UBS to Share Power

By dana cimilluca

In a dramatic executive shuffle involving two banking giants, Bank of America Corp.'s Andrea Orcel plans to leave the big U.S. lender's European operation to become co-head of UBS AG's investment-banking unit, according to people familiar with the matter.

Orcel, president of emerging markets excluding Asia at Bank of America and head of its European credit-card business, is expected to share the title with Carsten Kengeter, who currently runs the UBS unit on his own, the people said. The move isn't final and UBS's board still hasn't approved it, one of the people cautioned.

The surprise move comes just a day before Orcel, 48 years old, was to be promoted to become Bank of America's president for Europe, according to people familiar with the matter. In that role, the Italian was to have replaced Jonathan Moulds, a Bank of America veteran who was either to take a lesser post at the bank or leave.

For more from WSJ.com, please click here.

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