NEW YORK, April 18 UBS' global head of
industrial investment banking has left the firm to join The
Blackstone Group's advisory business, according to two
sources familiar with the matter.
Karl Knapp was also a vice chairman at UBS, which is working
to revamp its investment banking business after a number of high
profile departures over the last few years.
UBS Chief Executive Sergio Ermotti hired Andrea Orcel to
reshape its struggling investment bank business in July 2012.
Italian banker Orcel has since brought in a group of close
collaborators from Bank of America where he and Ermotti
worked for years.
The Swiss bank cut its overall bonus pool for 2012 by 7
percent to 2.5 billion francs and introduced a scheme under
which bankers can be paid in a form of deferred financial
instruments that are revoked if the bank's capital targets are
Knapp and UBS could not be immediately reached for comment.