Salem Radio Network News Wednesday, November 29, 2023

Business

UBS overhauls leadership at wealth management division

ZURICH (Reuters) -UBS’s 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 got 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’s wealth management business into Australia after several years.

Switzerland’s biggest bank will return to India, with Puneet Matta, another former Credit Suisse executive, being tapped to leading its wealth management business there.

Wealthy Indians were previously advised by UBS relationship manager working from Dubai, London and Singapore.

Another change will see 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 had been based on “fairness and meritocracy,” said Iqbal Khan, the president of UBS Global Wealth Management, in a memo seen by Reuters.

“UBS continued to carefully examine all options for Credit Suisse’s Swiss business,” Khan added in a memo.

Thursday’s announcement follows a raft of management changes UBS announced last month when it formally completed the takeover of its former rival. Also UBS Chief Executive Sergio Ermotti announced the bank’s new executive board in May.

Switzerland’s number one bank has already flagged that major job cuts are to be expected as a result of the takeover.

UBS could axe around 30% of its combined workforce, which would amount to more than 30,000, one person familiar with the discussions had told Reuters.

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 yachts of the super wealthy as well as commercial shipping fleets, will be led by Ruben Mangold.

(Reporting by Oliver Hirt; writing by John Revill; editing by David Evans)

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