UBS appoints Philip Lofts as new group risk COO

UBS has made changes to its risk division, appointing Philip Lofts as group risk chief operating officer. The appointment comes a month after the bank, which has been the biggest victim of the subprime losses, released a report to shareholders citing "poor risk management procedures" as the root of its subprime losses.

Lofts was most recently the group chief credit officer at the bank. His appointment is with immediate effect. He will be reporting to Joe Scoby, the group’s chief risk officer.

The bank has also appointed Thomas Daula as the investment banking chief risk officer. He joins UBS from Morgan Stanley, where he was chief risk officer. Daula starts work in this newly expanded role in June.

Daula will also function as the chief credit officer, and will sit on the group managing board. He will be reporting jointly to Scoby, and Jerker Johansson, the recently appointed chairman and CEO of the bank.

Both Lofts and Daula will be based in Stamford, Connecticut.

The bank's changes to its risk functions include merging the monitoring and controlling aspects of the group’s market risk and credit risk into a single unit.

UBS has also made changes to its investment banking division, appointing Daniel Coleman as the global head of equities. Coleman was previously co-head of the division with John Wall, who will transition to the new position of global head of proprietary trading, which includes overseeing the equities and fixed-income functions.

Coleman will be based in Stamford, while Wall will be based in London. Both will continue to report to Johansson.

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