Page 2 of 2

Elbowing Through Conflicts

The higher the rank, the thinner the air – and Novakovic has never been shy of fighting her corner. She and UBS operating chief Sabine Keller-Busse (pictured below) had their differences, according to another senior UBS banker. 

Sabine Keller Busse

The two women are a study in contrasts: the Swiss Keller-Busse is a cerebral former consultant who can be brittle in interactions, according to a person who has worked with her. Novakovic, who began her career as a trader, isn't shy of deploying her considerable charm and lightness in a professional setting.

UBS C-Suite Search

Partly because she is unusually brash for a woman in Switzerland's still male-dominated banking industry, «Christl» can rile, several people who have worked with her said. To her credit, she and Keller-Busse seem to have worked through their differences. Novakovic also hunkered after what she will have perceived as career setbacks, leading UBS' investment bank to excellent league table rankings, for example.

Her current job opens the door for more, especially against the backdrop of CEO Ermotti's efforts to deepen the talent bench. Asset management head Ulrich Koerner is also reported to be on his way out, as finews.com reported in January, which would further deplete top talent.

Wealth Clash

Now in his seventh year at the helm of UBS, Ermotti – who turns 59 next month – will also sooner or later leave the bank. For Novakovic, success in the key German market would be an excellent springboard to move higher up.

To be sure, she faces obstacles along the way, including run-ins with Josef «Joe» Stadler (pictured below), an influential private banker who runs UBS' ultra-rich business. Stadler, who gained massively in influence in the 2018 merger of UBS' private bank, and Novakovic have clashed over turf, according to a person familiar with the matter – just as Stadler clashed with her predecessor, Paul Raphael.

Josef Stadler

The conflict is an inevitable result of UBS' confusing matrix organization and centers around influence over lucrative ultra-rich clients. Novakovic isn't likely to risk an open conflict with Stadler, who is said to hold sway with CEO Ermotti and defeated Raphael, an industry heavyweight, as finews.com reported.

By contrast, Novakovic maintains stronger ties to Blessing rather than Ermotti. In the rarified air of UBS' C-suite, she just has to keep her cool long to signal that she is keeping all her options open.

Reporting by Katharina Bart and Peter Hody