
Costas named chief executive at UBS Warburg; Arnold ousted
Costas gained his derivatives experience at UBS rival Credit Suisse First Boston, where he held a number of roles running fixed income and derivatives divisions.
His promotion comes as Peter Wuffli, formerly chief executive of UBS asset management, was named president of the bank’s group executive board, following the ousting of Luqman Arnold after only eight months at the helm.
Arnold was reportedly reluctant to aggressively use UBS’s balance sheet to gain investment-banking business, which caused a falling out with other top-level executives. He was also said to be against the move to transfer control of recently acquired US brokerage Paine Webber outside of UBS Warburg.
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