UBS Group has named former Morgan Stanley President Colm Kelleher as its new chairman.
A day before,Deutsche Bank announced that it would nominate Dutch businessman Alexander Wynaendts as the next chairman of its supervisory board, following a turbulent decade for Germany’s largest lender.
Kelleher will succeed Axel Weber as UBS’s chairman next year. He takes the leadership role having spent three decades at Morgan Stanley, where he served as chief financial officer before rising to the position of president.
According to Reuters, UBS’s board had included former UniCredit Chief Executive Jean-Pierre Mustier in a shortlist of possible candidates.
In October, UBS posted its highest quarterly profit over the past 11 years, with a 23% rise in fee income.
Similarly, Wynaendts will replace Paul Achleitner at Deutsche Bank. The bank's shares have fallen more than 50% since Achleitner became chairman, primarily due to massive regulatory fines and repeated capital raisings.
Wynaendts ran Dutch insurer Aegon NV for 12 years before leaving in 2020, and previously worked at ABN Amro’s investment banking and private banking units before joining Aegon in 1997.