UBS Poised for Swiss C-Suite Shake-Up

UBS is reportedly preparing to retire one of its oldest top executives. The move paves the way for the Swiss bank’s highest-ranking female banker to take on a key business unit.

The Zurich-based wealth manager is preparing to move Sabine Keller-Busse into the job of running its domestic arm, according to Manager Magazin. The German outlet didn’t cite sourcing for the move, nor provide any detail on when such a move could take place. A spokeswoman for UBS declined to comment.

At the Swiss bank, where Ralph Hamers took over as CEO five weeks ago, she would replace Axel Lehmann, who has been in the top Swiss job for the last two years. The 61-year-old banker, the third person to oversee UBS’ home turf in five years, is among the oldest top executives at the Swiss bank.

UBS, where the retirement age is 65 for men, doesn’t have a formal cut-off date for its top executives, but it isn’t much of a stretch to posit that Hamers will rejuvenate and diversify the body. The most likely time to do so would be when he hits 100 days in the job, in the spring of next year.

The German outlet’s reporting is especially noteworthy because it was spot-on about the exit of Martin Blessing, the ex-CEO of Commerzbank, last year. The outlet’s reporting sparked an immediate, fierce rebuttal from CEO Sergio Ermotti at the time.

The 55-year-old former McKinsey consultant earned plaudits for fast-tracking UBS’ work-from-home arrangements when the pandemic hit. At UBS, she has mainly overseen so-called corporate functions like human resources since 2010.

She joined top management four years ago, was promoted to operating chief in the same shuffle that elevated Lehmann to the top Swiss job, and last year added UBS’ business in Europe, the Middle East, and Africa to her remit. Keller-Busse, who ran Credit Suisse’s business with private clients in Zurich from 2008 until joining UBS in 2010, was previously touted as a candidate for the top UBS job.