UBS Revamp: Who's In, Who's Out?

Expanded Remit

Klee has been in the senior role since 2013 as a key ally Juerg Zeltner, who left the bank suddenly after nine years helming the private bank. Last month, Klee detailed UBS' plans to get fit digitally in a finews.com interview, shortly after the private bank unified its information technology platform in a costly, multi-year effort.

UBS is promoting Damian Vogel to replace Shah in the risk job. The move also represents a massive career boost for the former Volksbank apprentice who currently holds a risk job for retail and corporate banking as well as Switzerland.

The 18-member team of top executives under Blessing and Naratil is as follows:

• U.S. head Brian Hull
• Novakovic as EMEA head
• Asia boss Edmund Koh
• Swiss head Anton Simonet
• Latin American head Sylvia Coutinho
• Joe Stadler for ultra-rich clients
• Jason Chandler and Christian Wiesendanger for a unit which customizes products and solutions for clients
• investment chief Mark Haefele
• operating chief Wangler
• strategy head Paula Polito
• Barbara Hofkamp and Kate Newcomb, who are respective wealth management and U.S. brokerage chiefs of staff and will be permanent guests
• risk head Vogel
• chief lawyer Marie Leistner
• finance boss Markus Habbel
• Dana Ritzcovan, human resources head
• communications boss Marsha Askins

Polito, the U.S. strategy chief, will expand her remit outside the Americas. She is to combine marketing, client experience, research on clients, pricing, and segment management, working closely with marketing chief Johan Jervoe.

Eighteen-Person Team

Stadler (pictured below), who has led the ultra-rich business for the past nine years, will expand his remit to include the U.S. – at least partly. Americas ultra-wealthy head John Mathews will report to Stadler as well as to his current boss in the U.S., Brian Hull.

Stadler will expand his remit to include the U.S. – at least partly. Americas ultra-wealthy head John Mathews will report to Stalder as well as to his current boss in the U.S., Brian Hull.

With the merger, UBS wants to become nimbler, faster, and cheaper through the move. The bank has said it will maintain regional differences in how it caters to clients, but it will try to tie up middle- and back-office functions by joining the two units. The bank hasn't disclosed whether the move will result in job cuts.