UBS AG Thursday expanded the roles of its top wealth management executives and parted ways with its chief risk officer who had only joined the bank in January, the first major management shuffle under new Chief Executive Sergio Ermotti
The Zurich-based bank said Philip Lofts will resume his former role as chief risk officer, replacing Maureen Miskovic, who had held the job since January and will leave UBS with immediate effect.
UBS didn't give any reasons for the changes, but spokeswoman Tatiana Togni made clear that Ms. Miskovic's departure wasn't related to a trading incident in September that caused a loss of $2.3 billion. Then-CEO Oswald Grübel resigned from his post in the wake of the scandal. Mr. Ermotti, who had joined UBS in April from UniCredit, was named CEO last month.
That scandal accelerated a plan to scale down the investment bank in response to weak markets and heavier regulations, particularly in Switzerland.
Zurich-based UBS recently detailed plans to shrink its investment bank by unwinding risky assets and putting more focus on its profitable business of managing the wealth of rich clients. Led by Mr. Ermotti, UBS's strategy will center on its wealth-management businesses and its position as the strongest universal bank in the Swiss market. UBS wants to keep those investment banking activities that are necessary to serve wealthy clients.
Underlining this new focus, Robert McCann, who joined UBS in 2009, has been appointed CEO of the Americas, in addition to his current role as head of wealth management for the region.
Meanwhile, Ulrich Körner, who joined UBS in 2009 from Credit Suisse, where he earned a reputation as a turnaround specialist, will take over as CEO UBS Group Europe, Middle East and Africa, in addition to his current role as Group Chief Operating Officer and CEO Corporate Center. This position was previously held by Mr. Ermotti.
read more: Olympus Wealth Management
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