ZURICH (Reuters) – Veteran German banker Martin Blessing will replace Juerg Zeltner as the head of UBS’s market-leading wealth management business at the turn of the year, Switzerland’s biggest bank said on Thursday.
Blessing, former head of Germany’s Commerzbank, has run UBS’s Swiss business since September 2016. Zeltner, who has worked for UBS for more than three decades, will retire in 2018, the bank said in a statement.
The wealth management business boosted pre-tax profit by 16 percent in the third quarter as net new money increased.
Axel Lehmann, the current chief operating officer, will succeed Blessing as the head of UBS Switzerland. Sabine Keller-Busse will become chief operating officer and also be in charge of human resources.
Zeltner’s departure is the second major move in Swiss private banking within weeks after Boris Collardi abruptly quit his job as Julius Baer chief executive to join Geneva-based Pictet.
(Reporting by Michael Shields; Editing by Amrutha Gayathri)