UBS : Karofsky to Be Sole Investment-Banking President; Euronext Nominates Novelli to Be Chairman

By Olivia Bugault

UBS Group AG said Monday that Robert Karofsky will become the sole president of the group's investment-banking business.

Mr. Karofsky and Piero Novelli have been co-presidents of the Swiss group's investment bank since September 2018. UBS said Mr. Novelli decided to retire from the banking sector to pursue different opportunities.

Mr. Novelli will step down as co-president on March 31, UBS said.

In a separate statement Monday, Euronext NV said Mr. Novelli has been nominated by its supervisory board to become the next chairman of the European stock-exchange operator.

"Mr. Novelli will step down from all executive positions before becoming chairman," Euronext said, adding that "the appointment of Mr. Novelli remains subject to the approval of the relevant regulatory authorities and of Euronext shareholders."

Write to Olivia Bugault at [e-mail]

(END) Dow Jones Newswires

02-15-21 0140ET