UBS Group (NYSE: UBS) has named former Morgan Stanley (NYSE: MS) President Colm Kelleher as its new chairman.
A day earlier than, Deutsche Financial institution (NYSE: DB) introduced that it might nominate Dutch businessman Alexander Wynaendts as the subsequent chairman of its supervisory board, following a turbulent decade for Germany’s largest lender.
Kelleher will succeed Axel Weber as UBS’s chairman subsequent 12 months. He takes the management position having spent three a long time at Morgan Stanley, the place he served as chief monetary officer earlier than rising to the place of president.
In line with Reuters, UBS’s board had included former UniCredit Chief Government Jean-Pierre Mustier in a shortlist of doable candidates.
In October, UBS posted its highest quarterly revenue over the previous 11 years, with a 23% rise in charge revenue.
Equally, Wynaendts will substitute Paul Achleitner at Deutsche Financial institution. The financial institution’s shares have fallen greater