ZURICH (Reuters) – UBS (UBSG.S) is replacing the head of finance for its flagship wealth management business in one of the unit’s first high-level departures since a strategy overhaul announced in January.
Switzerland’s biggest bank is cutting senior staff in its wealth management business, the world’s largest with $2.6 trillion in assets under management, as it seeks to revive profits under the joint leadership of Tom Naratil and former Credit Suisse (CSGN.S) banker Iqbal Khan. It is looking to cut some 500 roles.
Markus Hubbel, chief finance officer for global wealth management and for the bank’s Europe, Middle East and Africa region, was replaced on Thursday effective immediately by UBS’ group controller and chief accounting officer Todd Tuckner, according to an internal memo seen by Reuters. A spokesman confirmed the announcement.
Tuckner, in his new roles, will relocate from the United States to Zurich, reporting to four separate executives as he maintains his groupwide, division and regional roles.
“(Tuckner’s) experience as a seasoned senior leader, change ambassador and controller, coupled with his familiarity with our business, ideally position Todd to support Iqbal, Tom and Sabine in driving profitable growth in GWM and across EMEA,” the executives wrote in the memo, referring to wealth management co-heads Khan and Naratil, as well as Chief Operating Officer Sabine Keller-Busse.
The bank also said Angus Graham would be promoted to the role of deputy group controller to provide additional support.
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