UBS Restructures Unit for Wealthiest Clients, Stadler Steps Down

Athanasopoulos will take on the new role in addition to his current job as co-head of global markets in the investment bank division, but will report into Khan, Naratil and Karofsky.

Joe Stadler, who ran the former Global Family Office unit, will become an executive vice chair in the wealth unit and work directly with Khan.

The changes mark one of the biggest overhauls within the bank yet under Chief Executive Officer Ralph Hamers, who is in his second year running the Swiss lender. He's asked his staff to work in an "agile" manner and wants the bank to be better at collaborating across divisions.

He's also keen to push UBS into the lower rungs of wealth with the acquisition of US-based digital-wealth adviser Wealthfront.

• Unified Global Markets will still be led by Mark Sanborn in the U.S. and Patrick Grob in other markets
• Lending and direct investments unit will continue to be run by Remi Mennesson
• Prime brokerage will continue to be headed by Ian Maynard
• Paul Crisci will run the new unit's banking business, which was formerly private markets.
• All will report to Athanasopoulos

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