UBS is promoting a veteran executive at its investment bank, finews.com has learned. Her appointment comes as the unit looks to sell its technology to clients.
The Swiss bank is promoting veteran investment banking executive Zoe Evans to run the unit's technology as well as that of its wider U.K. business, effective January 1, according to a memorandum seen by finews.com. She is a 14-year veteran of UBS and previously worked as an Accenture strategy consultant.
Evans is part of a coterie of powerful women at the top of UBS' investment bank such as veteran dealmaker Ros L'Esperance, operating chief Beatriz Martin, investigations head Emma Molvidson, and finance chief Caroline Stewart. Evans is part of a newly-refurbished technology arm, and will report to overall chief Mike Dargan as well as to Martin.
«Sweating» Technology
Evans took the role on a temporary basis five months ago, as finews.com reported. The move comes against the backdrop of UBS «sweating» its technology by shopping it out to third parties, as Martin flagged last month. Meanwhile, Dargan is revamping the way the Swiss bank approaches IT and innovation.
Like most banks, UBS spends billions annually maintaining and renewing its technology. About half of UBS' $3.5 billion yearly budget goes towards projects meant to help the bank keep pace with more nimble financial start-ups. Dargan is ring-fencing activities with clear structures, a bid to provide a tangible benefit for the bank.
