22 March 2017
visit nextgenbanking.co.uk

UBS chief risk officer Miskovic replaced by predecessor

01 December 2011  |  6235 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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UBS admits to breakdown in risk control systems

UBS admits to breakdown in risk control systems

25 October 2011  |  8164 views  |  0 comments
UBS trading scandal investigation finds risk systems ignored

UBS trading scandal investigation finds risk systems ignored

06 October 2011  |  12428 views  |  3 comments
UBS trader charged with fraud

UBS trader charged with fraud

16 September 2011  |  6521 views  |  0 comments
Rogue trader costs UBS $2bn

Rogue trader costs UBS $2bn

15 September 2011  |  9567 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.comParticipate in the survey

Top topics

Most viewed Most shared
Bank of England sets up fintech Community; runs blockchain and AI trialsBank of England sets up fintech Community;...
15734 views comments | 33 tweets | 26 linkedin
hands typing furiouslyMachine Learning: Lessons for Banks From S...
9830 views 0 | 11 tweets | 8 linkedin
Samsung Galaxy S8 to use facial recognition for payments - BloombergSamsung Galaxy S8 to use facial recognitio...
8296 views comments | 35 tweets | 27 linkedin
satellite26 Japanese banks register for Exchange-ru...
7351 views comments | 2 tweets | 1 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
6992 views comments | 21 tweets | 35 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job