UBS AG Shuffles Management Following Massive Trading Loss

Swiss banking giant UBS AG announced on Thursday it is shuffling its management positions after reporting a $2.3 billion loss on unauthorized trading in September. The bank will appoint Philip Lofts as its new group chief risk officer, taking the place of Maureen Miskovic, who is stepping down after less than a year at the post. Loft’s prior position of chief executive officer of Americas operations, meanwhile, will be filled by Robert McCann, who will also continue as head of the wealth management Americas position.

UBS chief operating officer Ulrich Koerner, meanwhile, will take over the bank’s operations in Europe, the Middle East and Africa, filling the role formerly charged to Sergio Ermotti, who was elevated to group CEO last month. The management shuffle is Ermotti’s first management decision since being confirmed as group CEO on November 15th, a move that was made after Ermotti held the post on an interim basis for two months.

A spokesman for UBS said that Miskovic’s departure from the company is not related to the unauthorized trading fiasco, which led to the resignation of Ermotti’s predecessor Oswald Gruebel, as well as Francois Gouws and Yassine Bouhara, the former co-chiefs of the bank’s equities division, where the losses occurred.