UBS promotes risk chief to CEO for Americas

UBS has promoted its group chief risk officer, Philip Lofts, to chief executive of UBS Group Americas. Previously, Robert Wolf was Americas chairman and chief executive – he will stay on as chairman. Lofts in turn will be replaced by Maureen Miskovic, at present chief risk officer at State Street. The moves will go into effect at the start of 2011. Miskovic will report to the group chief executive, Oswald Grubel, and will be based in Zurich. Lofts was named as group chief risk officer i

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