Trading scandal-hit UBS replaces risk boss
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Friday 02 December 2011
UBS, the investment banking group hit by a trading scandal in September, has replaced its risk management chief less than a year after she was appointed to the role.
The Swiss group yesterday named Philip Lofts as its chief risk officer as new chief executive Sergio Ermotti stamped his mark on the company. Mr Lofts replaces Maureen Miskovic, who was only appointed to the role in January. UBS revealed in yesterday's statement that Ms Miskovic will leave the company.
The group has been in turmoil since it emerged that unauthorised trading lost the company £1.3bn less than two months ago. Kweku Adoboli, a trader on UBS's Delta One desk in London, was arrested in connection with the case. UBS said there was no connection with the scandal and Ms Miskovic's departure.
Mr Lofts returns to the role after heading up the company's Americas business. He had been in charge of risk between 2008 and 2010 and initially joined UBS in 1984. In a memo sent to staff, Mr Ermotti said that one of his main priorities was to reinforce the bank's "risk framework".
He added that during his previous term in charge of risk operations at the group, Mr Lofts had "demonstrated that he has the broad skills and experience and the strong leadership needed to run our risk organization decisively in a turbulent market environment".
Mr Ermotti had initially been installed as UBS's interim chief executive after Oswald Grübel's resignation in September. The role was made permanent last month.
The bank announced that Robert McCann, head of UBS's Americas wealth management business, has been promoted to replace Mr Lofts as Americas chief executive.
Ulrich Korner was also promoted to chief executive of UBS in Europe, Middle East and Africa.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...