Oswald Grübel, 68, is heading back into yet another retirement after a dispute over massive trading losses with the board of Swiss bank UBS. Sergio Ermotti, the bank's Europe, Africa and Middle East head, who has worked at UBS less than a year, gets to try out as CEO in the interim. The UBS board is conducting the usual internal and external search for a permanent replacement for Grübel, the veteran of the financial wars who came out of retirement in 2009 to lead UBS after the bank received a Sfr60 billion ($51 billion) bailout from the Swiss government and faced an American inquiry over tax evasion.
Grübel put many of those problems behind UBS but fell after a $2.3 billion loss incurred by Kweku Adoboli, a Ghanaian accused of rogue trading. It didn't help that Grübel complained about the steep capital increases imposed by Switzerland and has had to cope with a quaking euro zone.
Grübel earned the nickname Saint Ossi while he was CEO at UBS' longtime Swiss rival, Credit Suisse Group. He first retired from the bank after almost 40 years in 2001 but returned six months later as CEO of Credit Suisse Financial Services. He went on to lead a turnaround after the regulatory and business woes that followed the dot-com bust, including the Frank Quattrone friends-and-family mess. He served as co-CEO with John Mack (between Morgan Stanley stints) from 2003 to 2004 and became sole CEO when Mack was ousted. Grübel retired from Credit Suisse in 2007 for the second time.
A German native, Grübel apprenticed in banking with Deutsche Bank AG, then took a job in 1970 -- the early days of the old London Euromarkets -- with a joint venture formed by White Weld & Co., an American firm, and Credit Suisse known as Credit Suisse White Weld. When Merrill Lynch & Co. acquired White Weld, another U.S. firm, First Boston, took the stake, forming Credit Suisse First Boston of sainted memory.
Goldman, Sachs & Co. will make Gregg Lemkau, 42, head of mergers and acquisitions for Europe, the Middle East, Africa and Asia-Pacific. He has been co-head of the global technology, media and telecommunications group since 2008; recently he advised Autonomy Corp. plc in its acquisition by Hewlett-Packard Co. Lemkau has also served as the chief operating officer for the investment banking division and co-head of the healthcare group. He joined the firm in 1992, became a managing director in 2001 and a partner in 2002. Sliding into Lemkau's warm seat will be Anthony Noto, who will run TMT with George Lee. Noto, 42, is that Goldman rarity: a prodigal son. A linebacker at West Point and a Wharton School graduate, he left Goldman in 2008 to become chief financial officer for the National Football League but returned -- the NFL apparently wasn't as invigorating as Goldman, or maybe it was just the money -- as co-head of global media investment banking. He first joined Goldman in 1999.
ECONOMISTS, PARTICULARLY THOSE with government service, are on the move. Is that a sign, like birds scattering before a storm? Citigroup Inc. hired Nathan Sheets, 46, as global head of international economics in its investment research and analysis division. He will report to chief economist Willem Buiter and global head of investment research Andrew Pitt. Sheets, who holds a B.S. in economics from Brigham Young University and a Ph.D. in economics from Massachusetts Institute of Technology, will work with Buiter to lead the team of international economists. He joins after 18 years at the Federal Reserve, four of them as director of the division of international finance, and economist to the Federal Open Market Committee. Sheets served as Fed Chairman Ben Bernanke's adviser at the onset of the European fiscal crisis in 2010 and as a senior adviser to the U.S. executive director at the International Monetary Fund while on Fed leave.
Nomura Holdings Inc. hired Lewis Alexander as a managing director and U.S. chief economist, based in New York. He replaces David Resler, who becomes chief economic adviser. Alexander was most recently at the U.S. Treasury Department, where he was counselor to the secretary of the Treasury. Previously, he was chief economist with Citibank NA and earlier worked as a senior economist at the Board of Governors of the Federal Reserve System and at the Department of Commerce. Alexander will report to Jens Nordvig, head of Americas fixed-income research, and to Paul Sheard, global chief economist.
MF Global Holdings Ltd. enlisted Louis Kuijs as chief economist for Asia, based in Hong Kong. Kuijs joins from the World Bank office in Beijing, where he was a senior economist for seven years. He was the main author of its China Quarterly Update and also led the medium-term review of China's 11th Five-Year Plan. From 1997 to 2004, Kuijs was an economist at the International Monetary Fund in Washington, focusing on macro policy analysis and research. Earlier in his career, he worked on macroeconomic forecasting and modeling for countries in Europe, Latin America and Asia for Oxford Economic Forecasting in the U.K.
Lloyd Feller, former executive vice president, general counsel and secretary of Jefferies Group Inc. and Jefferies & Co., returned to Morgan, Lewis & Bockius LLP as senior counsel in its investment management and securities industry practice in New York. Before Jefferies, Feller was senior vice president, secretary and general counsel of SoundView Technology Group Inc. and its predecessor, Wit Capital Group Inc. He first joined Morgan Lewis in 1979 from the Securities and Exchange Commission.
Alternative investment firm SkyBridge Capital enlisted Tatiana Segal as a managing director and head of risk management, based in New York. Segal was a managing director and chief risk officer at Cerberus Capital Management LP. Previously, she was chief risk officer at Diamond Lake Investment Group and a director at Citigroup Alternative Investments. Segal began her career with BlackRock Asset Management.
Man Group plc appointed David Mercurio as head of Asia equity and co-head of global equity strategies, reporting to Pierre Lagrange. Lagrange, senior managing director of GLG Partners LP and executive committee member at Man, becomes chairman of Man Asia in addition to his responsibilities for managing GLG's global long-only and long-short equity portfolios out of London.
MetLife Inc. hired Adam Hodes as a senior vice president and head of M&A. Hodes was a managing director in the investment banking department of Credit Suisse Securities LLC, where he was co-head of financial institutions M&A. He joined the firm in 2006 and has worked at WellChoice Inc., CNA Financial Corp., Donaldson, Lufkin & Jenrette Securities Corp. and Salomon Brothers Inc.
Private equity firm TA Associates Inc. hired Dietrich Hauptmeier as a senior vice president in London, focusing on growth equity investments, recapitalizations and management-led buyouts in Germany and other European markets. Hauptmeier joins TA from Palamon Capital Partners, where he was an associate principal, concentrating on investments, primarily in Germany, in financial services, environmental services, healthcare, retail and education. He had been finance director for DCisions Ltd., a startup providing data analytics to the retail investment industry. Prior to that, Hauptmeier was a principal at Kohlberg Kravis Roberts & Co. LP. He started his career in the M&A group at Merrill Lynch & Co.
RUSSIAN INVESTMENT HOUSE Troika Dialog appointed Todd Berman as a managing director and co-head of investment banking alongside Igor Sagiryan. Berman was global co-head of media and telecoms, and Europe, Middle East and Africa head of technology, media and telecoms at Bank of America Merrill Lynch. Previously, he was head of emerging EMEA at Citigroup Inc. and group head of communications investment banking in EMEA at Lehman Brothers Holdings Inc.
Chuck Davis has become a venture partner at Technology Crossover Ventures. Davis was chairman and CEO of online movie tickets seller Fandango Inc., a TCV company. Earlier, he was an executive vice president of Comcast Interactive Media following Fandango's $200 million acquisition by Comcast Corp. in 2007. In that role, Davis led the acquisitions of DailyCandy and Movies.com. He is currently a consultant to Comcast. Previously, he was president and CEO of Shopzilla Inc. and president of e-commerce for Walt Disney Co.'s Internet group, where he launched Disneystore.com.
Edward Grace III joined Angelo, Gordon & Co.'s private equity group as a senior adviser covering the restaurant industry. Grace is founder and past chairman, president and CEO of the Capital Grille and Bugaboo Creek Steak House chains, which he took public in 1994. Grace sold his chains to Longhorn Steaks Inc. in 1996 and was a director and former vice chairman of the combined companies, Rare Hospitality International Inc., which was acquired by Darden Restaurants Inc. for $1.4 billion in 2008.
Private equity firm TSG Consumer Partners LLC tapped Blythe Jack as a principal in San Francisco, focusing on investment origination. She was CEO of consumer products company Cahootie LLC of Irvine, Calif. Jack also spent 10 years at Rosewood Capital LLC.
Christopher Thomas joined Aterian Investment Partners LLC as a partner. He had been a principal at Sun Capital Partners Inc. Aterian is a private equity firm focused on underperforming small and midmarket businesses.
Two former Carlyle Group executives and one ex-general partner at Highland Capital Partners LLC founded NaviMed Capital Advisors LLC. The Washington venture capital firm will invest in later-stage North American healthcare companies. Managing director Ryan Schwarz led the U.S. healthcare venture and growth capital practice at Carlyle for 14 years. Managing director Brian Canann had focused on venture and healthcare since 2004. Bijan Salehizadeh had worked in venture and healthcare at Highland since 2003.
On the law firm front: Winston & Strawn LLP recruited Robert Ruyak, most recently managing partner and CEO of the dissolved Howrey LLP, as a partner in its global litigation practice in Washington. Winston has grabbed dozens of Howrey partners. ... Bernie Pistillo joined Morrison & Foerster LLP in the tax department in San Francisco from Shearman & Sterling LLP. He focuses on the federal tax aspects of international M&A and represents buyout funds. ... Alston & Bird LLP expanded its banking and financial services practice in New York, adding Charles Bethill, Douglas McClintock and Mark Sokolow. ... DLA Piper recruited Matthew Murphy for its bankruptcy and restructuring group from Skadden, Arps, Slate, Meagher & Flom LLP. ... Glenn Fine joined Dechert LLP as a partner in the white-collar and securities litigation practice in Washington. Fine had served as inspector general for the U.S. Department of Justice. ... Venable LLP added corporate and venture capital attorney Anthony Saur as a partner in its New York office from DLA Piper. Saur reunites with technology transactions lawyers James Nelson and William Russell, who also recently joined from DLA Piper. ...M. Natasha Labovitz joined Debevoise & Plimpton LLP as a partner in New York and a member of the firm's bankruptcy and restructuring group from Kirkland & Ellis LLP. ... DLA Piper recruited Matthew Murphy for its bankruptcy and restructuring group in Chicago from Skadden Arps. ... Paul Hastings LLP added Lionel Spizzichino to its global restructuring practice in Paris. Spizzichino had been with Weil, Gotshal & Manges LLP. ... Nixon Peabody LLP expanded its public finance practice, adding former commissioner of revenue for the Commonwealth of Massachusetts Navjeet Bal as counsel in Boston. -- Baz Hilalal compiled this report