UBS (NYSE: UBS) has named JPMorgan Chase & Co. (NYSE: JPM) veteran Jakob Stott as the new head of its European wealth management division, the latest new executive appointment as part of CEO Oswald Gruebel’s reorganization of the company.
UBS had lost several key staff after making more than $50 billion worth of write-downs in the sub-prime following a damaging tax probe in the U.S. Gruebel joined the company during February of 2009 to turn the company around and has been able to convince some veterans of the banking industry to join him at UBS>
Previously, Stott served at JPMorgan Chase & Co. (NYSE: JPM)’s chief operating officer for the company’s investment bank in the Middle East, Africa, and Europe.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. UBS AG is the parent company of the UBS Group (Group). The operational structure of the Group comprises the Corporate Center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and the Investment Bank. As of December 31, 2009, the Company operated about 973 business and banking locations worldwide. In February 2009, JPMorgan Chase & Co. completed the acquisitions of the Company’s global agricultural business. In September 2009, UBS AG completed the sale of its Brazilian financial services business, UBS Pactual, including its asset management business, UBS Pactual Asset Management. In May 2009, the Company completed the acquisition of the commodity index business of AIG Financial Products Corp., including AIG’s rights to the DJAIG Commodity index.
Shares of UBS AG traded up 0.06% on Friday ending the week at $16.43.
