Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. UBS Group AG
  6. News
  7. Summary
    UBSG   CH0244767585

UBS GROUP AG

(UBSG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

UBS picks former Morgan Stanley president Kelleher as chairman

11/20/2021 | 07:12am EST

(Adds detail, context)

ZURICH, Nov 20 (Reuters) - UBS named former Morgan Stanley President Colm Kelleher on Saturday as its surprise pick to succeed Axel Weber as chairman of the world's biggest wealth manager when his mandate ends in April.

Kelleher, an Irishman from County Cork, retired from his post at Morgan Stanley in 2019 after three decades at the U.S. investment bank, including as finance director during the global financial crisis, but stayed on as a special adviser.

UBS has been keen to hire a chairman with investment banking experience to work closely with former ING boss Ralph Hamers, who became chief executive of Switzerland's biggest bank last year and pledged to improve its digital services after a career focused primarily on retail banking.

"UBS is pleased to propose a Board member and future Chairman who has a deep understanding of the global banking landscape," Weber said in a statement. "His more than 30 years of leadership experience in banking and excellent relationships around the world make Colm an ideal fit for UBS."

The bank had been aiming to pick a new chairman by the end of the year and shareholders must now approve the appointment of Kelleher at their annual meeting on April 6.

During the financial crisis, Kelleher drastically shrank Morgan Stanley's balance sheet and converted it to a traditional bank holding company so it could access funding from the U.S. Federal Reserve as well as negotiating a $9 billion investment from Japanese bank Mitsubishi UFJ Financial Group.

UBS also said it would nominate Lukas Gaehwiler for election to its board as vice chairman.

OUTSIDERS IN

The selections of Kelleher and Gaehwiler come as several of Europe's biggest banks pick outsiders from other countries to take the helm.

Cross-town rival Credit Suisse brought in Lloyds Bank's former Portuguese boss Antonio Horta-Osorio as chairman this year to lead it through an overhaul after a string of scandals that have cost it billions of dollars.

Deutsche Bank, meanwhile, said on Friday that it would nominate Dutch businessman Alexander Wynaendts as the next chairman of its supervisory board following a turbulent decade for Germany's largest lender.

The nominations have been surprise steps for some banks whose identity and leadership have been closely associated with their home countries. UBS, however, made such a move in 2012 with the selection of Weber, who is from Germany and previously served as president of the country's central bank.

Three sources told Reuters this week that UBS's board had included former UniCredit Chief Executive Jean-Pierre Mustier in a shortlist of possible candidates.

A source close to Mustier, however, said the 60-year-old Frenchman had no immediate plans to leave the Pegasus Europe special purpose acquisition vehicle he set up and invested in after leaving UniCredit a year ago.

If confirmed, Kelleher will take the reins of a Swiss bank with healthy accounts.

In October, UBS posted its highest quarterly profit over the past 11 years, with trading by the world's ultra-rich fuelling a 23% rise in fee income.

With Gaehwiler's addition to the board, UBS will also be restoring its second highest non-executive role to a Swiss national, succeeding Jeremy Anderson who will remain on the board as an independent director.

Gaehwiler, currently chairman of the bank's Swiss entity - UBS Switzerland AG - would be tasked with representing UBS in the country's most important associations, financial industry organisations and in political interaction, the bank said (Reporting by Brenna Hughes Neghaiwi in Zurich and Francois Murphy in Vienna; Additional reporting by Akriti Sharma in Bengaluru; Editing by David Clarke)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 4.59% 8.574 Delayed Quote.-7.60%
DEUTSCHE BANK AG 3.12% 11.42 Delayed Quote.3.65%
ING GROEP N.V. 3.12% 13.152 Real-time Quote.7.43%
UBS GROUP AG 2.45% 17.345 Delayed Quote.3.11%
UNICREDIT S.P.A. 3.61% 13.652 Delayed Quote.-2.72%
All news about UBS GROUP AG
01/26Yonyou Network Closes $829 Million Share Placement; Shares Slump 4%
MT
01/26Logan Set to Sell $250 Million of Equity-Linked Securities; Shares Tumble 16%
MT
01/26UBS : appoints General Manager of Asset Management Taiwan
PU
01/26Power Transmission Firm Ceepower Raises $62 Million in Private Placement; Shares Slump ..
MT
01/26UBS AG : Jefferies keeps its Buy rating
MD
01/26UBS steps up U.S. push with $1.4 billion Wealthfront purchase
RE
01/26UBS Acquires Wealthfront in $1.4 Billion All-Cash Transaction
DJ
01/26UBS to Acquire Wealthfront in $1.4 Billion Deal
MT
01/26European shares show signs of recovery as Fed meeting awaited
RE
01/26UBS Agrees to Acquire Wealthfront to Deliver Digital Wealth Management Offering to Mill..
BU
More news
Analyst Recommendations on UBS GROUP AG
More recommendations
Financials
Sales 2021 32 425 M 35 069 M 35 069 M
Net income 2021 6 284 M 6 796 M 6 796 M
Net cash 2021 25 426 M 27 499 M 27 499 M
P/E ratio 2021 9,82x
Yield 2021 2,08%
Capitalization 59 763 M 64 852 M 64 637 M
EV / Sales 2021 1,06x
EV / Sales 2022 1,08x
Nbr of Employees 71 427
Free-Float 93,0%
Chart UBS GROUP AG
Duration : Period :
UBS Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends UBS GROUP AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 17,35 CHF
Average target price 20,04 CHF
Spread / Average Target 15,5%
EPS Revisions
Managers and Directors
Ralph A. J. G. Hamers Group Chief Executive Officer
Kirt Gardner Group Chief Financial Officer
Axel A. Weber Chairman
Mike Dargan Chief Digital & Information Officer
Sabine Keller-Busse Group Chief Operating Officer
Sector and Competitors