DealBook: Chief Risk Officer Departs in UBS Shake-Up

Martin Ruetschi/European Pressphoto AgencyPhilip J. Lofts is returning to his old position as chief risk officer for UBS.

7:53 p.m. | Updated

LONDON — UBS said on Thursday that its chief risk officer had departed after less than a year in the job.

Maureen Miskovic, who joined UBS in January as head of risk, was succeeded by her predecessor, Philip J. Lofts, the bank said in a statement. Robert J. McCann, head of wealth management for the Americas, succeeded Mr. Lofts as head of the Americas.

UBS also named Ulrich Körner as chief executive of Europe, the Middle East and Africa, a position previously held by Sergio P. Ermotti before he was named chief executive of the bank last month. Mr. Körner, who joined UBS from Credit Suisse in 2009, also remains chief operating officer of the bank.

The management changes come two weeks after Mr. Ermotti was named the permanent chief executive at UBS. He assumed the job on an interim basis in September when Oswald J. Grübel resigned after a trading scandal this year involving a former trader cost the bank $2.3 billion.

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A spokesman for UBS denied that the trading loss had led to the departure of Ms. Miskovic, a former risk officer at State Street bank and Lehman Brothers Holdings in the United States.

During his time as head of risk, Mr. Lofts “demonstrated that he has the broad skills and experience and the strong leadership needed to run our risk organization decisively in a turbulent market environment.”

Mr. Ermotti told investors last month that he planned to increase return on equity, a measure of profitability, by reducing weaker business units and focusing on the more successful wealth management operation. He also pledged to restore the bank’s reputation, which was damaged after the bank discovered the large trading loss.

Kweku M. Adoboli, the former trader who has been charged with fraud and false accounting for the trades, has yet to enter a plea and faces a court hearing in London this month.

Article source: http://dealbook.nytimes.com/2011/12/01/ubs-chief-risk-officer-steps-down/?partner=rss&emc=rss