People news: UBS and Bank of America

Bank Of America Corner Signs

UBS has appointed Mark Haefele as Chief Investment Officer of its flagship private bank, replacing Alexander Friedman who is leaving the bank.

Reuters reports that Friedman's investment views, dubbed House View, were part of UBS's efforts to step up its advisory services for wealthy clients, including offering a flat fee in some countries for trading.

The bank has sought to attract new clients and move existing ones out of low-margin cash and cash products, where many been sheltering from the euro crisis.

Meanwhile, Bank of America Merrill Lynch has named Tim Waddell, a 28-year veteran of rival UBS, as vice chairman of corporate and investment banking for Europe, the Middle East and Africa (EMEA).

The news agency also reports that in an internal memo seen by Reuters, the U.S. bank's co-heads of corporate and investment banking in EMEA, Bob Elfring and Diego De Giorgi, said Waddell will start in September, working from the bank's London office.

In his new role, Waddell will be responsible for strengthening relationships with key British clients and developing new senior relationships across the business, Monday's memo said.

UBS names Haefele as investment chief to replace Friedman

Bank of America Merrill Lynch hires UBS's Waddell 

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