UBS is losing several high-ranking bankers in its German private banking arm. The departures come a mid a reorganization under new head Barbara Rupf Bee.

If Thomas Rodermann hoped to bring more calm to the Swiss bank's German operations by hiring Barbara Rupf Bee (pictured below) to run onshore wealth management arm, he was mistaken – at least for now. The restless boss of UBS Europe spent past months in years structuring the Zurich-based bank's regions in Germany and shutting branches, in a bid to bolster profits.

Barbara Rupf Bee

For example, Rodermann promoted Till Keulen from head of wealth management in northern Germany to overall head of the affluent and high net worth arm in the country. Keulen has left UBS, finews.com has learned.

His departure is linked to the appointment of Rupf Bee, who joined UBS last year shortly after Keulen was promoted, according to sources. The two bankers' turf overlapped – meaning it was a question of time until Keulen took the consequences. 

Portfolio Head Exits

The affluent head isn't the only exit in Germany: portfolio management head Christoph Hott has also departed. The former Sal. Oppenheim banker was responsible for products and solutions – meaning he held a key role between clients and private bankers. UBS didn't comment on the circumstances of either departure.

Amid the turbulence, UBS is on the way to reporting profits in Germany, a market in which Swiss banks have long struggled with break-even. UBS posted significant net new money from Germany last year, with each of the six branches– Berlin, Hamburg, Duesseldorf, Frankfurt, Stuttgart, Munich – offsetting outflows with fresh funds from clients.