UBS (NYSE:UBS) is holding on to its U.S. brokerage business for now, but the question remains: Who will run the division? The Financial Times is reporting that UBS CEO Oswald Gruebel wants to reorganize the top executive ranks of the U.S. brokerage business and possibly hire a new head for the division.
The report says that UBS has begun contacting candidates to take the top spot at its U.S. brokerage, raising the question of what will happen to Marten Hoekstra, who has run UBS' American brokerage operation -- Wealth Management U.S. -- since 2005. The UBS wealth management business in the U.S. is primarily comprised of the Paine Webber unit it acquired in 2000 for $10.8 billion.
UBS has shaken up is executive ranks with its latest move in its Asian division. Last month, Rory Tapner, UBS chairman and CEO of the Asia-Pacific business, announced he will be stepping down after 25 years and will be replaced by Chi-Won Yoon, according to The Wall Street Journal. - Gerald Magpily
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