The head of technology at UBS' investment bank is leaving, finews.asia has learned. His exit is the latest change for overall tech boss Mike Dargan.
Neil Boston, UBS' head of investment bank technology, is leaving the bank for a hedge fund, several people familiar with the matter told finews.asia. Boston, who joined just two years ago from Bank of America, will be replaced temporarily by Zoe Evans.
The exit of Boston, confirmed by a UBS spokesman, comes as UBS' top technologist Mike Dargan revamps the way the Swiss bank approaches IT and innovation. Like most banks, UBS spends billions annually maintaining and renewing its technology.
«Spaghetti Bowl»
About half of UBS' $3.5 billion yearly budget goes towards projects meant to help the bank keep pace with more nimble financial start-ups. Dargan is ring-fencing activities with clear structures, a bid to provide tangible benefit for the bank.
Boston, who was also head of the British unit's tech operations, was to have untangled the «spaghetti bowl» of applications, technology, and providers into a simpler process for UBS. He is the unit counterpart to Stefan Arn in wealth management.
Even More Complex
With countless customized products, the task is likely even more complex than at UBS' flagship private bank. Whether Evans, who was previously the operating chief in the investment bank's tech activities, will take the job permanently is unclear, the spokesman said. Two sources said that a search firm is evaluating candidates.
