UBS is replacing the head of its flagship Swiss franchise. It is also promoting top private banker Iqbal Khan.
Sabine Keller-Busse will take the helm of the Swiss bank's domestic arm, from February 1, UBS said in a statement on Friday. She replaces Axel Lehmann, who has decided to step down and will leave in July.
She is the fourth executive to hold the job in six years – and the first woman. The 55-year-old Swiss and German citizen is a ten-year veteran of UBS and in top management since 2016, but has until now largely held corporate roles as opposed to running major businesses.
Older Triumvirate
The bank said it would disclose the replacement for her current role – operating chief of UBS – at a later date. UBS said Iqbal Khan, its top private banker, will take up her other job, overseeing Europe, the Middle East, and Africa.
The changes are the first from CEO Ralph Hamers since taking over as CEO five weeks ago and were widely expected. The 61-year-old Lehmann is part of a trio of older executives including finance chief Kirt Gardner, also 60, and top lawyer Markus Diethelm, who is 63.
Corporate Vs Banking
Keller-Busse is a former McKinsey consultant who earned plaudits for fast-tracking UBS' work-from-home arrangements when the pandemic hit. The handiwork reportedly underpinned her good standing in an internal management audit.
She was previously touted as a candidate for the top UBS job, though her business experience at UBS is scant. Before joining UBS, Keller-Busse ran Credit Suisse's business with private clients in Zurich for two years.
More to follow
