(Reuters) - Bank of America Merrill Lynch’s (BAC.N) top dealmaker Andrea Orcel is leaving the bank to join rival UBS UBSN.VX, two sources with knowledge of the matter said.
Orcel was appointed executive chairman of global banking and markets at BAML in September 2009, a year after Merrill Lynch was taken over by Bank of America following the credit crunch.
“It’s a great hire. He is a relationship man, not a manager and (UBS’s chief executive Sergio) Ermotti knows him well”, said a top UBS banker in London.
“This would be well-received internally, he is a big name”.
Orcel specializes in financial services and has advised on some of Europe’s largest deals including the break-up of Dutch lender ABN Amro. More recently, he helped Italian bank Unicredit raise 7.5 billion euro ($9.89 billion) in fresh equity.
BAML and UBS declined to comment.
Orcel was not available for immediate comment. ($1= 0.7582 euros)
Editing by Steve Slater and Greg Mahlich