UBS cuts Spanish business as Orcel legacy hangs heavy

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By Owen Sanderson
20 Feb 2020

UBS has made several senior staff in Spain redundant, including Madrid-based DCM managing director Daniel Vazquez Villanueva, GlobalCapital understands. The cuts came as part of a general redundancy round last year, but revenues from the region have been hurt by a hard stop in business from Santander after it decided not to hire former UBS investment banking boss Andrea Orcel as chief executive.

UBS was a top 15 bond bank with Santander group in 2010-2012, a top 10 bank from 2013-2016, and 13th in 2017. In 2019, it only placed a single €56m MTN for the group’s consumer arm, placing 46th, all according to Dealogic data.

These figures may not fully ...

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