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UBS’s Chief Risk Officer Steps Down
December 01, 2011
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By JULIA WERDIGIER

LONDON — UBS, the Swiss bank that blamed a former trader for a $2.3 billion loss earlier this year, said on Thursday that its chief risk officer had departed after less than a year in the job.

Maureen Miskovic, who joined UBS in January as head of risk, was succeeded by her predecessor, Philip J. Lofts, the bank said in a statement. Robert J. McCann, head of wealth management for the Americas, succeeded Mr. Lofts as head of the Americas.

UBS also named Ulrich Körner as chief executive of Europe, the Middle East and Africa, a position previously held by Sergio P. Ermotti before he was named chief executive of the bank last month. Mr. Körner, who joined UBS from Credit Suisse in 2009, also remains chief operating officer of the bank.

The management changes come two weeks after Mr. Ermotti was named permanent chief executive at UBS. He assumed the job on an interim basis in September after Oswald J. Grübel resigned as a result of the trading scandal.

A spokesman for UBS denied the trading loss lead to the departure of Ms. Miskovic, a former risk officer at State Street and Lehman Brothers Holdings in the United States.

“I would like to thank Maureen for her contributions and dedication to UBS, and wish her the best in her future endeavors,” Mr. Ermotti wrote in an internal e-mail obtained by DealBook.

During his time as head of risk, Mr. Lofts “demonstrated that he has the broad skills and experience and the strong leadership needed to run our risk organization decisively in a turbulent market environment.”

Mr. Ermotti told investors last month that he planned to increase return on equity, a measure of profitability, by reducing weaker business units and focusing on the more successful wealth management operation. He also pledged to restore the bank’s reputation, which was damaged after the bank discovered the large trading loss.

Kweku M. Adoboli, the former trader who has been charged with fraud and false accounting for the trades, has yet to enter a plea and faces a court hearing in London this month.

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