A key architect of UBS' European bank is leaving the Swiss wealth manager. His exit is reportedly the result of a clash with a high-level private banking executive.
Thomas Rodermann, UBS' German boss as well as head of a European bank founded in 2016, is leaving the Swiss wealth manager, UBS confirmed to «Reuters». His contract won't be renewed when it expires in November, by mutual consent.
Rodermann, who joined the Swiss bank in 2015 from Deutsche Bank, fell victim to a turf war with Christine Novakovic, who was named head of UBS' private bank in Europe, the Middle East and Africa just over one year ago, according to German daily «Handelsblatt» (in German, behind paywall).
As head of UBS' relatively new «Europe» bank, Rodermann oversaw the 11 branches on the continent towards regulators, while Novakovic is responsible for their operations. His departure makes the Italian-born Novakovic, who ran UBS investment bank and corporate client division in Switzerland for years, the most promising candidate to to run Europe SE, as the entity is known,
German Turnaround
Rodermann is leaving just as UBS Europe begins to pay off: the entity was set up in response to the 2016 British vote to leave the European Union. It is now the organizational home to scores of bankers employed in London.
Second Exit
UBS' shift to Frankfurt means that the bank will eventually be able to relinquish full banking licenses in 11 other EU countries. A unified license for the whole European market as well as one booking platform for the bloc is expected to save the wealth manager millions.
Rodermann was a key architect of the plan, and he was also instrumental in reversing years of losses in Germany. His exit follows that of Barbara Rupf Bee, head of German onshore wealth management at UBS Europe, two weeks ago.
