[by Larry Goldfarb]

New investment bank boss Andrea Orcel who brought us the ill-fated acquisition of ABN Amro by Royal Bank of Scotland in 2007 that almost bankrupted a bank and a country is at it again, this time at UBS.

Orcel was poached from Bank of America Merrill Lynch.  He has made his mark since he was hired in July by UBS Chief Executive Sergio Ermotti to work alongside former bond trader Carsten Kengeter to run the investment bank.  A source close to Orcel said job losses have yet to be finalized, but investment bankers who spoke to Reuters on condition of anonymity said they fear 15 percent of the advisory division in Europe, or about 75 to 90 people, will be cut.

Known as a a fantastically effective banker with an aggressive style, his approach jars with a UBS corporate finance franchise built on a collegiate culture, which many still associate with SG Warburg, a respected British merchant bank absorbed by UBS more than 15 years ago and where some of the firm's dealmakers began their careers.

Many long-standing UBS bankers have so far welcomed the shake-up, cheered by the prospect of a revenue boost and renewed purpose after rivals were quick to dismiss the Swiss bank in the wake of the trading scandal last year.

"It's a good thing that Andrea's joined, he's really very good," said one senior UBS banker in London. "But it's true that he's very tribal and that he will try to surround himself with people he trusts and that he rates."

For more information, go to [Reuters, 9/21/12].