UBS replaces risk chief

UBS replaces risk chief in wake of trading scandal

UBS has replaced its head of risk, Maureen Miskovic, with Philip Lofts as the bank attempts to reorganise its management after a $2.3 billion trading loss earlier this year.

Maureen Miskovic is leaving UBS, where she has spent less than one year as group chief risk officer.

She leaves in the wake of the $2.3 billion unauthorised losses caused by Kweku Adoboli that the risk department failed to catch losses that also prompted the departure of UBS chairman Oswald Gruebel.

She is replaced by her predecessor, Philip Lofts, who left the risk job to become CEO of UBS in America. He will now be replaced in the US by Robert McCann, who will retain his US wealth management responsibilities.

Miskovic once headed risk management for ill-fated Lehman Brothers, before leaving that...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222