UBS risk officer leaves post

2 December 2011

Maureen Miskovic, UBS’s chief risk officer (CRO), is to leave UBS.

The Swiss bank has announced that Philip Loft, a previous CRO of the group, is to take on the position after her departure. He previously held the role from November 2008 to December 2010.

He left the job to become the chief executive officer (CEO) at the UBS Group Americas in January 2011 when Ms Miskovic took over the position.

The personnel changes at this senior level within the bank follow a volatile few months for the financial institution after a trading scandal hit in September.

Rogue trader Kweku Adoboli made a number of unauthorised trades which are believed to have cost the bank’s equities desk an estimated $2.3 billion.

According to reports, UBS said that there is no connection between the departure of Ms Miskovic and the trading incident in September.

The bank also announced a number of other personnel changes at the same time.

Ulrich Korner, the current group chief operating officer (COO) and chief executive officer (CEO) of the corporate centre is to take on the position of CEO for the UBS Group Europe, Middle East and Africa.

All the managerial changes are effective immediately.

By Jim Ottewill

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