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UBS has fired a senior executive at JPMorgan Chase to become its chief financial officer, completing a reshuffle of senior executives at Switzerland’s largest bank since Ralph Hamers took over as chief a year ago.
Sarah Youngwood, who ran a consumer business at JPMorgan, replaces former UBS chief financial officer Kirt Gardner in May. Also joining next year will be former President Morgan Stanley Colm Kelleher as chair.
Youngwood spent over two decades at JPMorgan, becoming the chief financial officer of the local banking and corporate bank – a major bank and finance – in 2016. He was previously the head of JPMorgan’s Investor relationship and worked in finance his bank.
“With her strong history, in-depth financial expertise, and expertise in various banks, Sarah is the right person to lead our future financial work,” Hamers said in a statement Wednesday.
Youngwood’s position was expanded last year with the inclusion of JPMorgan’s international expertise.
Hamers will reveal its path to the world’s top economic manager on a fiscal day in February. The plan will place greater emphasis on digital technology as well as greater push for the richest US market.
Gardener, who joined UBS in 2013 and became chief financial officer in 2016, will retire in May after two months assisting Youngwood on transformation.
Prior to becoming a corporate finance officer, Gardner was CFO at UBS finance business between 2013 and 2016.
Hamers said: “He was instrumental in managing and preserving the company’s assets and protecting customers and investors through a variety of markets – as well as setting a good example in our culture.”
UBS will study the results of their long-running tax case in France this month. An appeal against the € 4.5bn court ruling in favor of tax fraud is expected on December 13. A similar case in Belgium was dismissed last month, and UBS agreed to pay € 49m.
UBS has $ 2bn set aside to cover the expected costs.
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