Robert Karofsky Appointed Sole President UBS Investment Bank as Piero Novelli Retires

Robert Karofsky Appointed Sole President UBS Investment Bank as Piero Novelli Retires



Robert Karofsky has been appointed sole President UBS Investment Bank, following Piero Novelli’s decision to retire from the banking industry to pursue new opportunities, including non-executive chairman positions and roles in academia teaching finance and business. Novelli will step down as Co-President Investment Bank on 31 March 2021.

Together, Karofsky and Novelli successfully reshaped the Investment Bank, realigning efforts around clients’ evolving needs, focusing resources on opportunities for profitable growth, and reinvesting in the bank’s digital transformation. They also deepened the Investment Bank’s partnership with Global Wealth Management and Asset Management. Under their leadership, the Investment Bank achieved its best fourth-quarter and full year results since 2012, finishing 2020 with an exceptional return on attributed equity of nearly 20%.

Karofsky joined UBS in 2014, leading the Equities business globally. In September 2018, Karofsky and Novelli became Co-Presidents Investment Bank. Leveraging his markets experience, Karofsky has led the Investment Bank’s digital transformation.

Novelli re-joined UBS in 2013 and has held a number of executive roles across the Investment Bank. Prior to becoming the Co-President, he was Executive Chairman, Corporate Client Solutions, having previously served as Global Head of Advisory and, before that, Chairman of Global M&A.

Group Chief Executive Officer Ralph Hamers: “I want to personally thank Piero for his contributions to reshaping our Investment Bank and successfully co-leading the business, employees and our clients through the pandemic. Our world-class Investment Bank is critical to the success of our Group strategy and I am confident Rob is the right leader to help us achieve our strategic ambitions.”

Notice to investors

This document and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this document. Refer to UBS’s fourth quarter 2020 report and its Annual Report on Form 20-F for the year ended 31 December 2019 for additional information. These reports are available at

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This document contains statements that constitute forward-looking statements. While these statements represent UBS’s judgments and expectations concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. Additional information about those factors is set forth in documents furnished and filings made by UBS with the US Securities and Exchange Commission, including the first and fourth quarter 2020 reports and the Annual Report on Form 20-F for the year ended 31 December 2019. UBS undertakes no obligation to update the information contained herein.

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