UBS PINCHED a JP Morgan executive to be the bank's new chief financial officer, as part of a major shake-up of senior management at the biggest bank in Switzerland.

The announcement follows comments made by the European Central Bank earlier this year about the lack of female chief executives at European credit and investment organisations after finding that just eight percent of execs were women.

There will be four women on the UBS executive board, which is made up of 12 people altogether, after Youngwood joins in March.

She will replace current CFO Kirt Gardner when he steps down in May next year, the bank said.

"With her strong track record, indepth finance expertise, and experience across various banking areas, Sarah is ideally suited to lead our finance function into the future," said UBS CEO Ralph Hamers.

A seasoned professional, Youngwood has been with JP Morgan for over two decades.

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