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Colm Kelleher is set to replace Axel Weber as UBS chair

UBS is set to nominate former Prime Minister Morgan Stanley Colm Kelleher as his next chair, replacing Axel Weber, who will step down next year after ten years in charge of a Swiss lender, according to sources familiar with the ruling.

Kelleher, a 64-year-old Irishman who spent 30 years at Wall Street bank, could be announced Saturday, people said. UBS was keen to replace Weber, former Swiss National Bank CEO Philipp Hildebrand, and former UniCredit CEO Jean Pierre Mustier.

Kelleher was not immediately available for comment. UBS declined to comment.

Kelleher entered the Morgan Stanley office in London in 1989 after studying history at Oxford University. He ran a cash desk in London, before moving to New York and boarding the finance minister, the president. He resigned as bank manager in March 2019, still working as a senior consultant.

The new chair will work closely with CEO Ralph Hamers, who took over at UBS last year and promised to speed up digital use. Former ING leader Dutchman expressed his vision for the group in a positive change in February.

One of Hamer ‘s biggest plans is to become the digital treasurer for the richest customers in the US, which could be launched next year. The set-up could put UBS in direct competition with Morgan Stanley, which also directs customers with assets between $ 250,000 and $ 2m.

UBS has done better than most European competitors in recent years thanks to its role as the world’s largest, most influential Asian economist. A company from Zurich has seen the amount of yield During the epidemic, the wealth of its wealthy clients is rising as billions of central banks enter the global economy.

UBS has also benefited from the turmoil caused by its arch-enemy, Credit Suisse, who suffered a series of setbacks and massive business losses that have cost billions and its customers.

The search for the new chair was led by UBS CEO Jeremy Anderson and with the help of long-time lender, Egon Zehnder, one of the people said so. Bloomberg had previously said that Kelleher was in talks with UBS.

During his long career at UBS, Weber helped stabilize the bank after the government reimbursed, reduced its liquidity bank and prioritized growth in financial management. This approach established UBS as one of the most successful and important lenders in Europe. Weber was President of the German Bundesbank between 2004 and 2011.

However, Weber leaves Kelleher an unfinished business, which will help guide UBS in controversial cases. The verdict in his appeal against the French court’s € 4.5bn ruling in favor of tax fraud is expected in December.

A similar case is being investigated by Belgian authorities. UBS has $ 2bn set aside to cover the expected costs.

Hamers is also being investigated by a Dutch court for his role in a money laundering operation during his time at ING. He denied the wrongdoing.

Deutsche Bank Friday he announced Former Dutch insurer and Citigroup board member Alex Wynaendts has replaced Paul Achleitner as chair next year.

In late 2019, the Cerberus trading company – one of the largest shareholders in Deutsche – pushed for Achleitner to step down, trying unsuccessfully. change and Kelleher.


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