ZURICH: 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 US 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.
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