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UBS’s Wealth Management Leadership Is Reshaped By A Board Shake-Up

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Daniel Leal | AFP | Getty Images

(CTN News) – UBS announced on Thursday that it will be rearranging its executive board as part of the most recent phase of a comprehensive transformation of the Swiss banking behemoth.

This transition is one of the most recent phases of the transformation. As a component of the change, this reorganization will ultimately take place. This transpires as a result of the fact that UBS was able to successfully acquire Credit Suisse, which was originally one of its rivals.

Over the past few years, the financial institution has lately divided its worldwide wealth management division into two distinct divisions with their own operations. The plan that the bank has referred to as its “sustainable, strategic growth” includes this strategy as one of its components.

Iqbal Khan, who is headquartered in Asia-Pacific, and Rob Karofsky, who is based in the United States, are the co-presidents who are responsible for providing leadership for these divisions from their respective locations.

To the best of our knowledge, this is the very first time that a divisional president of UBS has actually been stationed in the Asia-Pacific region.

UBS has confirmed that this is the case.

The new appointments send a significant message about the path that the bank will take in the future. The purpose of these appointments is to prepare a successor to Sergio Ermotti, who is now serving as the Chief Executive Officer of the bank. As of the beginning of the year 2027, it is anticipated that Sergio Ermotti will resign from his job.

“The appointments to the Group Executive Board that we are announcing today will allow us to continue to progress on our integration journey and realize the expected synergies and efficiencies, while putting even more emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific,” Ermotti announced in a statement that was released today. “We are excited to announce these appointments.”

Additionally, George Athanasopoulos and Marco Valla, who are both co-presidents of the investment bank, have joined the executive board of directors responsibilities of the organization. Damian Vogel, who will shortly be taking over the post of chief risk officer for the global organization, is another participant in this transition. He takes on this role in the near future.

The three individuals who will be taking over for the board members who are leaving their posts are Ulrich Korner, CEO of Credit Suisse, Edmund Koh, President of UBS Asia-Pacific, and Naureen Hassan.

President of UBS Americas Regional in the United States.

All three of these individuals will be taking over for the boards of directors. After the bank’s emergency rescue of Credit Suisse the previous year, which was a shotgun marriage mediated by Swiss authorities to prevent the institution, which was 167 years old at the time, from collapsing and to safeguard the Swiss economy, the rearrangement is part of a larger reform of the bank.

The original plan was to save Credit Suisse from collapse. A more extensive overhaul is currently being implemented at the bank.

UBS had decided against recruiting an outsider to succeed Ermotti, who had returned to the bank in order to steer it through its massive merger, according to a report that was published by the Financial Times on Monday. Ermotti had returned to the firm in order to shepherd it through the merger.

Reports indicate that the organization is currently in the process of selecting a candidate to fill the position of chief executive officer of the bank when Ermotti steps away from his position in around three years.

The candidate will be selected from a three-person shortlist of applications from within the organization. It has been suggested by people who talked with the Financial Times that the name of an individual might be made public as early as the following year.


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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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