UBS taps JPMorgan executive Sarah Youngwood as CFO

UBS Group AG named JPMorgan Chase & Co. government Sarah Youngwood as its subsequent chief monetary officer, one other high-profile rent of an American banking veteran because the Swiss financial institution takes on wealth-management rivals within the U.S.

Ms. Youngwood, at JPMorgan for twenty-four years, has been CFO for shopper and neighborhood banking, a rung down from the C-suite position she’s going to take at UBS. She is succeeding Kirt Gardner, who UBS stated determined to depart after 9 years. She is ready to take over in Could after a two-month handover interval.

UBS named former Morgan Stanley government Colm Kelleher as its subsequent chairman final month, including firepower to the financial institution’s push to courtroom extra wealthy American clients with digital wealth recommendation.

Ms. Youngwood’s rent will assist steadiness the gender composition of UBS’s prime administration crew. In Could it employed a banking outsider from Rio Tinto PLC, Barbara Levi, as normal counsel, and now may have 4 ladies on the chief board, up from two in 2020. Ms. Youngwood’s JPMorgan roles included heading finance for its international know-how unit and for the financial institution’s variety and inclusion crew. Earlier, her jobs there have been in investor relations and the monetary establishments group in Paris, London and New York. She has French and American citizenship.

Certainly one of Ms. Youngwood’s JPMorgan bosses, and a predecessor there as shopper banking CFO, is Marianne Lake. Ms. Lake is one among banking’s strongest ladies and in a clutch of executives who’re seen as being groomed as eventual successors to CEO Jamie Dimon. The patron financial institution is usually JPMorgan’s largest division by revenue.

UBS Chief Government Ralph Hamers has stated that including gender and ethnic variety on the financial institution is a precedence. He championed a transfer in June to let round two-thirds of UBS employees combine working from residence with the workplace, positioning the pliability as a hiring benefit. Another large banks pressured employees to return to the workplace full time.

Mr. Hamers has additionally homed in on digital merchandise as a option to unfold UBS’s attain. In October, he stated the financial institution would launch a digital investing platform within the U.S. for patrons with between $250,000 and $2 million in belongings, down-market from its present consumer base. Prospects will be capable of choose from really helpful investments and bounce their portfolios off a human adviser if desired.

The transfer places UBS into extra direct competitors with U.S. rivals reminiscent of Morgan Stanley and Financial institution of America Corp.’s Merrill Lynch, which have been constructing apps to herald less-affluent households.

Mr. Gardner, 62, is leaving after taking part in a key position in UBS’s revival of its fortunes from financial-crisis basket case to international wealth supervisor serving billionaires. He joined UBS in 2013 and has been on the chief board as CFO since 2016. UBS is now extensively seen as one among Europe’s strongest banks, mirrored in its share worth buying and selling round ebook worth.

UBS rival Credit score Suisse Group AG has additionally employed for prime jobs from American banks to rebuild its credibility with traders. U.S. banks have roared forward of European banks up to now decade with stronger earnings and monetary well being.


This story has been printed from a wire company feed with out modifications to the textual content

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