UBS (NYSE:UBS) shares gained ground Thursday, announcing a shakeup of the company’s executive board in the latest phase of a radical overhaul of the Swiss banking giant, following its takeover of fallen rival Credit Suisse.
A newly split global wealth management division, led by co-presidents Iqbal Khan in Asia-Pacific and Rob Karofsky in the U.S., sees the bank double down across the two geographies as part of what it has dubbed its “sustainable, strategic growth” strategy.
It marks the first time a divisional UBS president has been based in Asia-Pacific, the bank said.
The new appointments provide an important signal on the future direction of the bank, as it tees up a replacement for outgoing CEO Sergio Ermotti, who is expected to step down by early 2027.
“The appointments to the Group Executive Board 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 said.
George Athanasopoulos and Marco Valla also join the executive board as co-presidents of the investment bank, alongside Damian Vogel, incoming global chief risk officer.
The trio replace outgoing board members Credit Suisse CEO Ulrich Korner, UBS Asia-Pacific President Edmund Koh, and UBS Americas Regional President Naureen Hassan.
UBS shares took on 48 cents, or 1.6%, to begin Thursday trading at $31.00.
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