UBS AG (NYSE:UBS), Morgan Stanley (NYSE:MS) – UBS Picks Former Morgan Stanley President Kelleher As chairman, Deutsche Financial institution Nominates Alexander Wynaendts As Subsequent Chairman

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{b02bdf04de3f9bc06c998e855c65941e7d8f5cd012e86469a83340818e6b6d52} rise in charge revenue.

Equally, Wynaendts will substitute Paul Achleitner at Deutsche Financial institution. The financial institution’s shares have fallen greater than 50{b02bdf04de3f9bc06c998e855c65941e7d8f5cd012e86469a83340818e6b6d52} since Achleitner turned chairman, primarily resulting from large regulatory fines and repeated capital raisings.

Wynaendts ran Dutch insurer Aegon NV for 12 years earlier than leaving in 2020, and beforehand labored at ABN Amro’s funding banking and personal banking models earlier than becoming a member of Aegon in 1997.

Associated Hyperlink: How 6 Massive Banks Are Dealing With Worker COVID-19 Vaccinations

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