UBS's designated regional director for Zurich, Sabine Heller, is turning her back on the bank and moving to Lombard Odier. Research shows UBS relies almost exclusively on executives from its ranks in the Zurich region.

Sabine Heller was slated to head the private client business at UBS in Zurich on October 23. As regional director, she would have become UBS's ambassador in Switzerland's most important banking center, but that's no longer true. Instead, she's moving to Geneva-based private bank Lombard Odier, where she'll most likely replace Andreas Arni as head of the Zurich office.

Private Bankers in Control

After Heller's surprising departure, the combined UBS needed more time to reorganize in the Zurich region, but new management is now in place. Finews.com has found the regional directorate will be taken over by Patrick Mueller, who will also act as head of wealth management in the «Zurich City» area.

Because the region offers such a concentration of assets, UBS divides private banking into «Zurich City» and a broader «Greater Zurich» area. The latter is headed by Guido Niffenegger, a long-standing Credit Suisse executive well-known in Zurich and already responsible for the market area at the acquired bank.

Regional Veterans

At the helm of the region's retail business, Heller's successor is veteran UBS banker Stephan Haessig, who looks back on almost two decades at the country's largest bank. He was appointed head of Corporate Clients for the Aargau & Solothurn region at UBS Switzerland in April as part of an internal revamp. In Zurich, more of the spotlight will shine on him as the new head of private clients.

Meanwhile, the business with corporate and institutional clients for the region is headed by Hannes Weibel. He has spent his entire career at UBS and most recently headed that unit in Bern.

Watercooler Conversations

This should end the chapter surrounding Heller's departure, but in the relationship-driven banking business, personnel matters often aren't so quickly forgotten; this is particularly true since the surprising resignation and management changes at UBS have been the subject of discussion beyond Zurich.

It will likely be a topic when UBS competes with Lombard Odier for customers.