The three-button USB logo is visible outside the London offices of Swiss bank UBS on March 20, 2023 in central London.
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london – UBS The Swiss banking giant announced a shake-up of its executive board on Thursday, the latest stage in an overhaul following its takeover of collapsed rival Credit Suisse.
The newly spun-off global wealth management unit is led by Asia Pacific co-president Iqbal Khan and U.S. co-president Rob Karofsky, as the bank doubles down on its investments in both regions. as part of its so-called “sustainable strategic growth” strategy.
UBS said this marks the first time that a UBS unit president has been stationed in the Asia-Pacific region.
The new appointments provide an important signal about the bank’s future direction as it searches for a replacement for outgoing CEO Sergio Ermotti, who is expected to step down in early 2027 .
“The appointments to the Group Executive Board we are announcing today will enable us to continue making progress on our integration journey, delivering anticipated synergies and efficiencies, while increasing our focus on our long-term priorities and growth prospects, particularly in the Americas and Asia Pacific. ” Ermotti said in the statement.
George Athanasopoulos and Marco Valla also join the executive board as co-presidents of investment banking, alongside incoming global chief risk officer Damian Vogel Vogel) together.
The three replace outgoing board members, Credit Suisse Chief Executive Ulrich Korner, UBS Asia Pacific President Edmund Koh and UBS Americas Regional President Naureen Hassan.
The reshuffle is part of a wider overhaul of the bank, which follows its bailout of Credit Suisse last year – a shotgun marriage brokered by Swiss authorities to prevent the 167-year-old institution from collapsing and protect the Swiss economy.
Financial Times report On Monday, UBS ruled out an outsider as successor to Ermotti, who returned last year to lead the bank through massive acquisitions.
The bank will reportedly choose from a shortlist of three internal candidates to take on the CEO role when Ermotti steps down in about three years. Sources told the Financial Times that the name could be announced as soon as next year.
UBS did not immediately respond to CNBC’s request for comment on the reports.
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