SBC Warburg reshuffled its senior management in the United States last week, promoting managing director Andrew Siciliano to senior executive for the Americas.
The move followed the retirement this month of John Dugan, who was chief executive officer for North America. SBC Warburg, Basel, Switzerland, is the investment bank subsidiary of Swiss Bank Corp. Its U.S. operations are based in New York.
Like several other European banks, Swiss Bank Corp. wants to expand its U.S. operations, particularly its capital markets activities, in an effort to become a global financial institution.
"There are lots of banks in Europe that are trying to become global banks," said Bryan Crossley, a European bank analyst with ABN Amro Hoare Govett in London. "With the exception of Credit Suisse First Boston, none of them have the most important piece of the puzzle: U.S. presence and access to capital markets."
Mr. Siciliano will relocate from London to New York. He will head a new American business development committee and act as senior relationship manager for the region's institutional client base.
Simon Canning, head of the Swiss bank's year-old section 20 subsidiary, SBC Warburg Inc., was named new chief operating officer for North America for its affiliated company, SBC Warburg. He will be responsible for day-to- day operations. Mr. Canning will also remain president and CEO of SBC Warburg Inc.
Karlheinz Muhr, global head of fixed income, was named head of corporate finance for the Americas.
SBC Warburg was created in 1995 by the combination of Swiss Bank Corp.'s international and finance division with the investment banking business of S.G. Warburg Group.
Its affiliate, SBC Warburg Inc., is an amalgamation of several former U.S. subsidiaries of Swiss Bank Corp., as well as the U.S. securities business of O'Connor & Associates. It was granted full equity and debt underwriting and dealing powers by the Fed in December 1994.
Net profit from SBC Warburg grew 54% last year, to $607 million, according to the bank. Income from securities underwriting grew 32% last year, to $327 million from $291 million, while merger and acquisition fees leaped 618%, to $242 million from $46 million in 1995, the bank said.
But even with that growth in income, capital markets activities are not yet significant enough to give the bank the global status it wants, said Mr. Crossley.