A banking veteran who shaped UBS’s wealth management is leaving.
Joe Stadler is leaving UBS at the end of 2023 for retirement, «Bloomberg» (behind paywall) reports, citing anonymous sources.
Stadler, the architect of UBS’ family office business and once considered one of the most influential people within the world's largest private bank, has announced his departure at a time when the business is making a comeback.
The same anonymous source communicated that the business with rich Eastern Europeans, burdened by sanctions against Russia and under Caroline Kuhnert will be integrated into the Europe region led by Christl Novakovic. Kuhnert, however, will remain with the big bank.
Sidelined
Earlier this year, UBS reorganized its global family office division by bringing it into the newly formed global family and institutional wealth (GFIW) unit under George Athanasopoulos, to combine various services including Lombard lending, trading, hedge fund services (prime brokerage) and private market activities.
As part of the revamp, Stadler was appointed executive vice chair to global wealth management (GWM) head Iqbal Khan, effectively sidelining him, as finews.com reported at the time.
