By Brenna Hughes Neghaiwi and Francois Murphy
ZURICH (Reuters) – UBS on Saturday named former Morgan Stanley chairman Colm Kelleher as its unexpected choice to succeed Axel Weber as chairman of the world’s largest wealth manager once he ends his term in April.
Kelleher, an Irishman from County Cork, retired from his role at Morgan Stanley in 2019 after three decades at the US investment bank, including as chief financial officer during the global financial crisis, but remained at the bank as a special adviser.
UBS was eager to hire an experienced investment banking chair to work closely with former ING chief Ralph Hamers, who became chief executive of Switzerland’s biggest bank last year and pledged to improve. digital services.
“UBS is pleased to propose a Board member and future chair with an in-depth understanding of the global banking landscape,” Weber said in a statement. “His more than 30 years of banking leadership experience and excellent relationships around the world make Colm an ideal choice for UBS.”
The lender intended to choose a new chair by the end of the year. Now, shareholders must approve Kelleher’s appointment at an annual meeting on April 6th.
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