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UBS has announced a change in management: the hapless Suni Harford will be leaving the bank. She was in good spirits at a panel discussion on the Women’s Division at the WEF last week, only to be gone hours later. His successor will be Aleksandar Ivanovic, who will now take his place on the board and take over Harford’s asset management file, which has been less than convincing in recent years.
Beatriz Martin Jimenez’s name is also mentioned in today’s report. In addition to her additional duties, she assumes responsibility for Sustainability and Impact at the corporate management level from Harford. And there are many of them: He is Non-Core and Former Chairman and Chairman of UBS EMEA, as well as CEO of UBS Great Britain.
At first glance, all this does not seem so spectacular. But there may be much more behind today’s castling game: CEO Sergio Ermotti’s successor could thus be determined in advance. Because it is clear that Ermotti will resign at some point within three years at the earliest after the integration of CS. UBS Chairman Colm Kelleher’s plans call for the development of three candidates for succession, similar to the boss change at US giant Morgan Stanley. Ermotti also advocates an internal solution, all from the operational area.
This article was first published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
This article was first published on the paid service of handelszeitung.ch. Blick+ users have exclusive access as part of their subscription. You can find more exciting articles at www.handelszeitung.ch.
Iqbal Khan, head of global asset management, UBS’s core division, is thought to be committed. If he can manage to expand the bank’s U.S. footprint over the next few years, he should be the favorite for the crown.
With the promotion made on Wednesday morning, Spanish-born Beatriz Martin Jimenez was also among the candidates. She has already taken on many roles at UBS, to the satisfaction of her superiors.
The British banker is thought to be determined, competent and experienced; He served as COO and Chief of Staff in Investment Banking at UBS, and served as Group Transformation Officer and Group Treasurer. Last year, he was in the running for the CFO position when UBS boss Ralph Hamers brought in the less experienced Sarah Youngwood from the US and her successor replaced Ermotti shortly afterwards. There is no time for experiments.
The third member of the group, Aleksandar (Aleks) Ivanovic from Zurich, may also be a candidate for the CEO position as of Wednesday morning. No one has put it on the table yet, and it’s not well known outside the bank. However, he is considered an experienced banker, having worked at UBS for 23 years, experienced the Bankgesellschaft and Bankverein merger (1998), and worked at CS and Morgan Stanley. If he finally blows asset management, its shares will undoubtedly rise.
The race for the top job in Swiss banking is on.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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