UBS’s Mark Sutton, chairman and CEO of the bank in the Americas, has stepped down after 18 months to pursue other business opportunities and personal interests. The news of Sutton leaving at the end of 2006 comes as the bank facts investigations into its treasury securities trading practices.
Robert Wolf, chairman of UBS Investment Bank, Americas and global chief operation officer, was appointed the new chairman and CEO of UBS Americas. He will continue his role as the chief operating officer of the investment bank with his new appointment, says the firm.
“Mark has made significant contributions to UBS. First, in leading our US wealth management business and, more recently, by further aligning our businesses in the United States,” says Peter Wuffli, group CEO of UBS. “We respect his decision to move on and wish him all the best in his future endeavours.”