Stock Groups

UBS picks former Morgan Stanley president Kelleher as chairman -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: This is the logo of Swiss bank UBS, seen at Zurich’s headquarters on February 17, 2021. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters). –Swiss bank UBS named Saturday former Morgan Stanley (NYSE:) Its surprise choice to replace Axel Weber next year as chairman is President Colm Kelleher

A statement by Axel Weber, outgoing Chairman of UBS stated that Colm Kelleher was nominated and UBS would like to nominate a future chairman who is well-versed in the international banking environment.

“His more than 30 years of leadership experience in banking and excellent relationships around the world make Colm an ideal fit for UBS,” Weber said.

It was the goal of Switzerland’s largest bank to appoint a new chairman before the year ends. UBS shareholders have to now vote for Kelleher during their annual meeting, April 6, next year.

After three decades with Morgan Stanley, Kelleher resigned from the post of Chief Investment Officer in 2019, but continued to serve as special advisor.

Kelleher was Morgan Stanley’s financial chief in the crisis. He restructured the bank into a bank holding company and enlisted funding from the U.S. Federal Reserve. Kelleher also negotiated a $9B investment from Mitsubishi UFJ (NYSE 🙂 Financial Group.

UBS said that Lukas Gehwiler will be elected vice-chairman of the UBS board.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]