UBS raids JPMorgan for new CFO Sarah Youngwood

UBS has recruited a top executive from JPMorgan Chase as its chief financial officer, completing a senior leadership overhaul at Switzerland’s largest bank since Ralph Hamers began as chief executive. just over a year ago.

Sarah Youngwood, who runs JPMorgan’s consumer business, will replace veteran UBS chief financial officer Kirt Gardner in May. Also joining next year will be former Morgan Stanley chairman Colm Kelleher as chairman.

Youngwood has spent more than two decades at JPMorgan, becoming chief financial officer of the consumer and community banking group – the bank’s largest division by revenue – in 2016. Prior to that, she served as a director. JPMorgan’s investor relations manager and also worked in its investment bank.

“With a strong track record, deep financial expertise and experience in a variety of banking sectors, Sarah is well-suited to lead our finance function into the future,” Hamers said in a statement. dad on Wednesday.

Youngwood’s role was expanded last year to include JPMorgan’s flagship technology unit.

Hamers will reveal its strategy to the world’s largest asset manager at an investment day in February. The plan would place a heavy emphasis on digitization and push more into the US mass-wealth market.

Gardener, who joined UBS in 2013 and became the group’s chief financial officer in 2016, will retire in May after spending two months supporting Youngwood through the transition.

Prior to becoming the group’s chief financial officer, Gardner was CFO for UBS’s property business from 2013 to 2016.

“He is credited with managing and maintaining the company’s sound financial position as well as safeguarding the confidence of customers and investors across various market environments – and a role model for our culture.”

UBS will learn the outcome of a lengthy tax case in France this month. A ruling on the appeal of a 4.5 billion euro court decision on the facilitation of tax fraud is expected on December 13. A parallel case in Belgium has been settled. last month, with UBS agreeing to pay 49 million euros.

UBS has set aside $2 billion to deal with projected legal costs.

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