UBS hires Finma banks chief amid risk reorg

Schoch move comes after bank carves op risk and compliance unit out of central risk function

UBS has hired the head of banking supervision at Switzerland’s Finma, the bank’s primary supervisor, as its head of regulatory affairs. The move comes amid a broader reorganisation of the bank’s risk function that has effectively seen it divide responsibility for its management of financial and non-financial risks – partially reversing a move begun in 2013 to centralise oversight of both facets.

Michael Schoch joined the bank in February after completing a compulsory six-month cooling-off