UBS shakes up wealth management leadership as part of broader management changes – NBC 5 Dallas-Fort Worth

• UBS announced management changes on Thursday in the latest phase of a radical overhaul of the Swiss banking giant following its takeover of fallen rival Credit Suisse.
• The newly divided global wealth management division expects to double the bank’s operations in both locations as part of its “sustainable, strategic growth” strategy.
• The new appointments send an important signal about the bank’s future direction as it plans to replace outgoing CEO Sergio Ermotti, who is expected to step down in early 2027.

LONDON – UBS announced management changes on Thursday in the latest phase of a radical overhaul of the Swiss banking giant following its takeover of fallen rival Credit Suisse.

The newly divided global wealth management division, led by co-CEOs Iqbal Khan in Asia Pacific and Rob Karofsky in the US, sees the bank doubling its business in both geographies as part of what it called its “sustainable, strategic growth” strategy.

The bank said that this is the first visit of the president of the UBS branch to the Asia-Pacific region.

The new appointments send an important signal about the bank’s future direction as it plans to replace outgoing CEO Sergio Ermotti, who is expected to step down in early 2027.

“The appointments to the Group Management Board that we are announcing today will enable us to further progress on our integration journey and realize the expected synergies and efficiencies, while placing even greater emphasis on our long-term priorities and growth prospects, particularly in the Americas and Asia-Pacific.” Ermotti said in a statement.

George Athanasopoulos and Marco Valla will also join the board as co-CEOs of the investment bank, along with Damian Vogel, the new chief global risk officer.

The trio replaced outgoing board members Ulrich Korner, CEO of Credit Suisse, UBS Asia Pacific president Edmund Koh and UBS Americas regional president Naureen Hassan.

The reshuffle is part of a broader overhaul of the bank undertaken after last year’s Credit Suisse rescue – a shotgun marriage brokered by Swiss authorities to prevent the collapse of the then 167-year-old institution and protect the Swiss economy.

On Monday, the FT reported that UBS had ruled out an outsider as a successor to Ermotti, who returned last year to lead the bank through a mammoth acquisition.

The bank is said to be selecting from a shortlist of three internal candidates to take over as CEO when Ermotti steps down in about three years. Sources tell the FT that the name could be announced as early as next year.

UBS did not immediately respond to CNBC’s request for comment on the reports.