Business News
Swiss bank UBS replaces risk manager after trading scandal
Dec 1, 2011, 9:19 GMT
Zurich - Swiss bank UBS on Thursday announced another personnel change in the wake of its recent rogue trading case, saying chief risk officer Maureen Miskovic would leave with immediate effect.
In September, chief executive Oswald Gruebel stepped down after a 31-year-old trader was found to have brought about a loss of 2.3 billion dollars in deals gone bad.
The new UBS chief Sergio Ermotti has said he wants to cut back on investment banking business and focus on low-risk wealth management.
Miskovic, who was appointed less than a year ago, is to be replaced by Philip Lofts, who had been in this position until the end of 2010.
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