A British IT specialist played a prominent role at UBS after the financial crisis – and not to everybody’s liking. Now she in line to get a top job at another struggling global player.
Michele Trogni was feared during her time as head of the UBS IT department, a job she took on in 2009. The accountant was forced to wield the axe after the biggest Swiss bank had to be rescued by the state and when it was about to be caught up in what turned out to be a costly dispute with the U.S. tax authorities.
Togni was one of the managers told to save money, and with IT being a major cost factor, she had to contribute all the more. During her stay at UBS, which lasted until 2013, Togni cut about 1,800 jobs and moved others to low-wage economies such as India.
Back in Banking Soon?
Now, she is set to be announced as a new board member at struggling Deutsche Bank, according to a report by «Bloomberg». Chairman Paul Achleitner is busy trying to steady a ship with his CEO under fire – also he a former UBS banker.
According to the media reports, Achleitner has been sounding out UBS Chairman Axel Weber as well as the former UBS wealth management boss Juerg Zeltner for the job as CEO.
A lot of UBS, in other words. The Swiss bank was in trouble much earlier than Deutsche and is now back on track and sports the biggest private bank of the world.
A Tough Job by Any Standard
According to the «Bloomberg» report, Achleitner also wants to get former Merrill Lynch boss John Thain as well as former Morgan Stanley banker Mayree Clark onto his board. The current members Johannes Teyssen, Dina Dublon, Henning Kagermann and Louise Parent will see their tenures end this year.
Trogni would take on yet another very tough job if she were to be chosen. The board members at Deutsche have much less of an executive influence on the company than their Swiss counterparts. Her steely approach may of course help her get results at a time, when Deutsche needs to come to grips with digitization and a strategic reorientation.
