“A Deal Maker Tries to Tune Up UBS’s Investment Bank”

“Nobody says Ferrari doesn’t make cars or is too small to exist,” says Andrea Orcel with a fiery Roman passion that seems out of place at a staid Swiss bank like UBS. Since Mr. Orcel, a career deal maker, was named sole chief executive of UBS’s investment bank two years ago, he has been on a tear, cutting costs, reining in the use of capital and pushing his dispirited troops to win more merger and initial public offering business. In short, he has been on a mission to transform UBS’s sprawling and unfocused investment bank into a financial powerhouse despite UBS’s desire to limit its scope as the bank shifts its resources elsewhere. “This has never been about making money for Andrea,” said Gary Goldstein, president of the Whitney Group, a New York executive recruiter. “He has always been a successful banker and he has always made a lot of money. For Andrea, it is about building and sitting on top of something very significant, much like Jamie Dimon does today.”