UBS divides COO role, names chief transformation officer – Bloomberg

UBS Group AG temporarily divided the COO role of Sabine Keller-Busse until the Swiss bank completes its review of the role's function and the corporate-cost structure, Bloomberg News reported, citing a memo.

Keller-Busse, who was recently appointed president of unit UBS Switzerland AG with effect from Feb. 1, will represent the COO function on the executive board while continuing to lead strategy, according to the Jan. 28 report. Meanwhile, Mike Dargan, the lender's technology head, will run the operational side and day-to-day management.

CEO Ralph Hamers said he has yet to appoint a permanent COO because he remains undecided on how to change the group's cost structure. UBS is working on reducing costs amid increasing competition for wealthy clients, Bloomberg noted.

Additionally, Chris Gelvin was named chief transformation officer, according to the memo, which was confirmed by a spokesperson for the group. His appointment is in addition to his existing role as head of group operations.