A management shakeout at UBS' private bank will spark changes at its Swiss business as well, finews.com has learned. The winner? One of UBS' most prominent female executives and a veteran of the Swiss bank.
Switzerland's largest bank shuffled its management in private banking after melding its wider wealth activities with a U.S. brokerage arm, as finews.com reported earlier on Wednesday. The move guts UBS' Swiss arm of three top executives – Christine Novakovic, Reto Wangler und Damian Vogel – all of whom have clinched top jobs at the private bank.
UBS has already at least partially filled the vacant seats. The most notable move is that of Karin Oertli (pictured below), a 20-year-veteran of Switzerland's largest bank who will take over as operating chief for retail and corporate banking in Switzerland, according to a memorandum seen by finews.com.
The move brings Oertli back to Switzerland from a wider Europe, Middle East, and Africa role in asset management as well as running the business in Switzerland. She takes over from Wangler, who was promoted to operating chief of the 2.6 trillion Swiss franc private bank.
Asset Management Boss
UBS doesn't appear to have found a replacement for Novakovic as head of its investment bank in Switzerland. The bank told staff it will inform them «at a later date» how it plans to fill the vacancy.
Oertli will be replaced as head of asset management in Switzerland by Aleksandar Ivanovic (pictured below), a former Morgan Stanley banker who joined UBS one year ago.
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