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UBS Names New Chief Risk Officer; Other Moves

December 1, 2011
UBS, the Swiss bank that blamed a former trader for a $2.3 billion loss earlier this year has named a new chief risk officer as Maureen Miskovic, has departed after less than a year in the job.  She will be succeeded by her predecessor, Philip J. Lofts.   A spokesman for UBS denied the trading loss lead to the departure of Ms. Miskovic, a former risk officer at State Street and Lehman Brothers Holdings in the United States. 
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 permanent chief executive at UBS. He assumed the job on an interim basis in September after Oswald J. Grübel resigned as a result of the trading scandal. 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.  [Dealbook 11/30/11]