25 October 2014

UBS chief risk officer Miskovic replaced by predecessor

01 December 2011  |  5450 views  |  0 UBS web screen shot

In the wake of its $2.3 billion trading scandal, Swiss bank UBS has replaced chief risk officer Maureen Miskovic after less than a year in the job.

Miskovic is being replaced by her predecessor in the role, Philip Lofts, who after an initial two year stint as Group CRO between 2008 and 2010 became CEO of UBS Group Americas.

Robert McCann is taking on Lofts' old job as CEO UBS Group Americas in addition to his current role as CEO Wealth Management Americas. Ulrich Körner will take over the role of CEO UBS Group Emea in addition to his current job as Group COO and CEO Corporate Center.

The move to replace Miskovic comes just a fortnight after Sergio Ermo was confirmed as the permanent UBS chief executive having held the role on an interim basis since the resignation of Oswald Grübel in September amid the trading scandal.

However, UBS insists the departure of Miskovic is not connected to the events that saw London-based Kweku Adoboli make a loss of $2.3 billion through unauthorised trading.

Adoboli has been charged by police and Francois Gouws and Yassine Bouhara, co-heads of global equities, have both already handed in their resignations.

In October an in-house investigation found that internal risk systems did pick up suspect activity related to the loss but the information was not properly acted on.

Said Ermotti in a memo to staff: "Risk and operational systems did detect unauthorised or unexplained activity but this was not sufficiently investigated nor was appropriate action taken to ensure existing controls were enforced."

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