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Is Martin Blessing Any Better?
The ousting of UBS' top private banker Juerg Zeltner earlier this month reverberated inside the bank and the wealth industry. But Zeltner had actually been on the outs for some time, as finews.asia reported: the 30-year UBS veteran hadn't met financial targets, and had made himself vulnerable with leadership and other weaknesses. It now falls to Blessing, who formerly ran Germany's Commerzbank, to improve prospects at the flagship unit – no mean feat if market conditions for wealth managers remain as dull as the are. The good news? If Blessing prevails, he has a even better chance to inherit the top UBS job from Sergio Ermotti than when finews.asia put him on a shortlist one year ago.
