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Unicredit loses its head (of advisory)

If Unicredit is learning to live with a new “Anglo-Saxon” approach to investment banking culture, it’s going to have to do it without some pretty senior investment bankers.

The Italian bank lost Nezahat Gultekin, its head of advisory, only yesterday. She joined Unicredit in April last year after a year out from the industry. She was Nomura’s head of technology investment banking for EMEA before that, joining from the Singaporean sovereign wealth fund Temasek in 2018.

Unicredit confirmed that Gultekin was leaving. A source at the bank said that, as of yesterday, all sector heads in advisory will now be reporting to Sam Kendall, the bank’s head of advisory and capital markets.

Unicredit’s CEO, Andrea Orcel, has already put the investment bank on a diet, slimming down the sales and trading team’s senior ranks last year with an aim to reduce complexity and spending. It seems that the IBD might be on the same path.

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AUTHORZeno Toulon

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