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.
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