Swiss banking group UBS has reshuffled the top tier management of its investment banking arm and strengthened its risk control function.
Within UBS Investment Bank, Daniel Coleman has been promoted to global head of equities. John Wall, who along with Coleman was previously co-head of global equities, has become global head of proprietary trading. Both will continue reporting to Jerker Johansson, chairman and CEO of UBS Investment Bank.
In addition, Johansson will assume global responsibility for fixed income, currencies and commodities (FICC) on an interim basis. This follows Andre Esteves’ decision to step down from this position to focus on his role as chairman and CEO of UBS Latin America.
Within UBS Risk Control, Philip Lofts has been appointed as group risk chief operating officer and Thomas Daula is due to join the firm in June as investment banking chief risk and credit officer.
Daula, whose most recent position was as chief risk officer at Morgan Stanley, will also become a member of the group managing board.
UBS will also integrate the monitoring and controlling responsibilities of the group’s market risk and credit risk functions. The new department will manage the firm’s overall risk exposure across credit, market and country risk, as well as performing portfolio analytics on risk evolution at the overall portfolio level.