UBS’s Bourkoff Resigns as Americas Head of Investment Banking

UBS‘ head of investment banking for the Americas, Aryeh Bourkoff, has resigned to “pursue other opportunities,” the firm announced in an internal memorandum on Tuesday.

According to the memo, which was reviewed by DealBook, Mr. Bourkoff’s resignation was effective immediately. He will be replaced on an interim basis by Steve Cummings, a former Wachovia executive whom UBS hired last year as chairman of the Americas investment banking division.

The departure of Mr. Bourkoff, a longtime media veteran, comes amid a wave of executive changes at UBS and its investment bank. Among the most recent was the hiring last month of Andrea Orcel, the chairman of global banking and markets at Bank of America, as the Swiss firm’s co-head of investment banking.

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A 13-year veteran of the firm, Mr. Bourkoff began his career at UBS as an analyst covering technology, media and telecommunications. He switched over to the banking side in 2007, becoming the head of the firm’s telecom and media team and one of its most prominent deal-makers.

He was named to Americas head of investment banking last year.

A UBS spokesman confirmed the contents of the memo, but declined further comment.

From: Carsten Kengeter and Bob McCann
Announcement: IBD leadership change in the Americas

Aryeh Bourkoff has resigned from UBS in order to pursue other opportunities. Effective immediately, Steve Cummings will serve as the interim Head of IBD Americas. He will report to Mathew Grounds and Simon Warshaw.

Steve will directly lead all IBD teams in the Americas, and will work closely with his partners across the Group and the Americas Executive Committee to drive new advisory business activity and to strengthen existing relationships by leveraging our differentiated wealth management and global capabilities.

We wish Aryeh well in his future endeavors and thank him for his contributions.

Carsten and Bob