UBS overhauls leadership at wealth management division after Credit Suisse merger
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Several former Credit Suisse managers have acquired jobs in the changes, which affect roughly 180 executives.
PHOTO: REUTERS
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ZURICH - UBS’ flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank’s takeover of Credit Suisse.
Several former Credit Suisse managers have acquired jobs in the changes, which affect roughly 180 executives and mainly take effect from July 17.
Former Credit Suisse executive Michael Marr will become the head of global wealth management Australia at UBS, according to a person familiar with the matter.
The move marks the re-entry of UBS’ wealth management business into Australia after several years.
Switzerland’s biggest bank will return to India, with Mr Puneet Matta, another former Credit Suisse executive, tapped to lead its wealth management business there.
Wealthy Indians were previously advised by UBS relationship managers working from Dubai, London and Singapore.
Another change will see Ms Lisa Golia becoming chief operating officer for wealth management in the United States when she joins from Morgan Stanley in the next few months.
The moves were all confirmed by the bank. The majority of the roles went to current UBS managers in the overhaul of the third layer of management.
The decisions were based on “fairness and meritocracy”, said UBS global wealth management president Iqbal Khan in a memo seen by Reuters.
UBS continues “to carefully examine all options for Credit Suisse’s Swiss business”, Mr Khan added.
Thursday’s announcement follows a raft of management changes UBS announced in June, when it formally completed the takeover of its former rival.
In May, UBS chief executive Sergio Ermotti announced the bank’s new executive board.
Switzerland’s No. 1 bank has already flagged that major job cuts are to be expected as a result of the takeover.
UBS could axe around 30 per cent of its combined workforce, which would amount to more than 30,000, one person familiar with the discussions told Reuters in June.
Another change unveiled on Thursday sees UBS taking over the shipping finance business of Credit Suisse, which it will merge with its aircraft financing business.
The combined business, which will finance the yachts of the super wealthy as well as commercial shipping fleets, will be led by Mr Ruben Mangold. REUTERS
