UBS wealth management boss Juerg Zeltner will leave the bank. The veteran of the Swiss bank is being replaced by a recent hire in Switzerland. The move sparks further changes in Zurich-based firm's top echelon.
The rumors about the upcoming resignation of UBS wealth management boss Juerg Zeltner, reported earlier by finews.asia, have proven true. Zeltner will leave the Swiss bank in two weeks, UBS said in a statement. The Swiss bank gave no reason for his departure, but thanked him for his more than 30 years with the bank.
While sudden, Zeltner's departure is not entirely surprising. finews.asia had listed the veteran banker as a potential CEO replacement at smaller Julius Baer, noting the air had become thin for him at UBS.
The veteran banker, who stepped in as private bank head during the financial crisis of 2008/09 when UBS suffered massive outflows of wealthy client money, is to be replaced by Martin Blessing, the former Commerzbank boss who has run UBS' business in Switzerland for little more than a year.
Management Shuffle
The move at the top of the world's largest private bank sparks a series of other changes at UBS: operating chief Axel Lehmann becomes head of Switzerland, while human resources head Sabine Keller-Busse steps in for Lehmann as operating boss.
The Swiss-born Lehmann is a veteran of Zurich Insurance, and relative newcomer to UBS' top management. Keller-Busse, also part of top management since just last year, was previously operating chief for UBS in Switzerland
More to follow
