UBS rehires seasoned dealmaker - FT.com Piero Novelli, the seasoned dealmaker, is to rejoin UBS as its chairman of global M&A, marking the first senior hire by the Swiss bank's new investment bank chief. The move reinforces the commitment of Andrea Orcel, the relatively new chief executive of the investment bank, to the bank's strategy of basing the business around advisory and client relationships, and avoiding higher risk, capital intensive businesses. Mr Novelli recently relinquished his role as global co-head of M&A at Nomura less than two years after joining. According to an internal UBS memo, seen by the Financial Times, that was sent to all staff Mr Orcel said the appointment would help the bank "strengthen and drive forward our global advisory practice and ensure greater global connectivity." Mr Orcel added Mr Novelli's "vast industry experience will undoubtedly add value in delivering superior advice and solutions to our clients." Mr Novelli was global head of M&A at UBS until 2009, having joined from Merrill Lynch in 2004. There he had held the position of head of European M&A. In October the bank unveiled a sweeping overhaul of its investment bank, which will be pruned into a much smaller unit that will support its core wealth management business. The bank plans to shed 10,000 positions globally over three years.