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The logo of Swiss bank UBS is seen at the company’s office at the Bahnhofstrasse in Zurich in this July 1, 2009, photo. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing Rights
ZURICH, Aug 17 (Reuters) – UBS (UBSG.S) has appointed or confirmed 21 country heads across the Europe, Middle East, and Africa (EMEA) region, according to an internal memo seen by Reuters on Thursday.
Five of the positions will be filled by employees from recently acquired Credit Suisse, the memo sent to employees by executive board member Beatriz Martin said.
The heads of Portugal, Guernsey, Bahrain, Saudi Arabia and the United Arab Emirates are from the Swiss bank’s former rival.
UBS also appointed Daniel Lonnborg as Head of Nordics and Tarek Eido as Head of Qatar. Henri Mills, the current head of France, will now also lead Belgium.
The announcement comes as UBS undertakes the mammoth task of integrating Credit Suisse, which it took over in a rescue orchestrated by Swiss authorities earlier this year after Switzerland’s No. 2 bank collapsed.
UBS is expected to axe around 30% of its combined workforce, which has expanded to 120,000 after the merger, with Credit Suisse’s investment bank, back office, and its Swiss retail bank likely taking the biggest hit.
Reporting by Noele Illien; editing by Jason Neely and Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
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