Banker to the (Financial) Stars Leaving BofA (BAC) for Foreign Rival
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A big fish banker is reportedly leaving Bank of America (NYSE: BAC) for greener pastures at rival UBS AG (NYSE: UBS).
Andrea Orcel, of BofA's European banking unit, said he'll be leaving the bank to co-head UBS's investment banking unit, according to the WSJ. Orcel will join Carsten Kengeter, who currently runs the unit by himself.
In terms of bankers, Orcel is an all-star. The WSJ notes how Orcel claimed he brought in $550 million of fees to BofA/Merrill Lynch, when the average top-producing banker might draw $25 million to $40 million in fees. On the number, Orcel is said to have gotten a $33.6 million bonus in 2008, one of the strongest M&A years on record.
Orcel is said to have advised in the $101 billion acquisition of ABN Amro by a group of banks led by RBS (NYSE: RBS).
Though no formal fee structure in banking is set in stone, bankers are said to list the number of deals they want credit for; their bosses then work on bonuses from there. In a typical large transaction, advisors are generally expected to be paid about one percent or less, with compensation moving higher on lower-sum deals.
BofA shares are down about 0.6 percent ahead of the bell Thursday.
Andrea Orcel, of BofA's European banking unit, said he'll be leaving the bank to co-head UBS's investment banking unit, according to the WSJ. Orcel will join Carsten Kengeter, who currently runs the unit by himself.
In terms of bankers, Orcel is an all-star. The WSJ notes how Orcel claimed he brought in $550 million of fees to BofA/Merrill Lynch, when the average top-producing banker might draw $25 million to $40 million in fees. On the number, Orcel is said to have gotten a $33.6 million bonus in 2008, one of the strongest M&A years on record.
Orcel is said to have advised in the $101 billion acquisition of ABN Amro by a group of banks led by RBS (NYSE: RBS).
Though no formal fee structure in banking is set in stone, bankers are said to list the number of deals they want credit for; their bosses then work on bonuses from there. In a typical large transaction, advisors are generally expected to be paid about one percent or less, with compensation moving higher on lower-sum deals.
BofA shares are down about 0.6 percent ahead of the bell Thursday.
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