UBS in risk management shake-up

Swiss bank UBS hires new CRO and consolidates its risk framework

ZURICH – Swiss investment bank UBS is appointing a new chief risk officer and reforming its wider risk management structure in the aftermath of $37.4 billion of subprime-related writedowns.

Thomas Daula assumes the role of CRO after filling the same position at rival US investment bank Morgan Stanley. Philip Lofts, former group chief credit officer at UBS, has been named group risk chief operating officer. The bank will integrate its monitoring and control responsibilities for market and credit risks into a single unit to manage credit, market and country risks.