Head of risk Maureen Miskovic leaves UBS after less than a year and is succeeded by Philip Lofts

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UBS’ chief risk officer Maureen Miskovic departed after less than a year in the position, the bank announced this week. Miskovic will be succeeded by Philip Lofts, head of the Americas.

The accouncement follows the assignment of Sergio Ermotti as permanent chief executive at UBS two weeks ago. Ermotti’s predecessor Oswald Grübel resigned after a trading scandal this year involving a former trader cost the bank $2.3bn.

The New York Times reports that a UBS spokesperson denied the trading loss had led to the departure of Miskovic, a former risk officer at State Street bank and Lehman Brothers Holdings in the United States.

Lofts said: “demonstrated that he has the broad skills and experience and the strong leadership needed to run our risk organization decisively in a turbulent market environment.”

UBS also said that the position previously held by Ermotti as chief executive of Europe, the Middle East and Africa will be filled by Ulrich Körner. Körner, who joined UBS from Credit Suisse in 2009, also remains chief operating officer of the bank.

Ermotti last month pledged to work on restoring the bank’s damaged reputation, promising investors to increase return on equity by reducing weaker business units and to focus on the more successful wealth management operations.