UBS fills Kurer's shoes with new general counsel
UBS has hired a new general counsel - with Swiss Re group legal officer Markus Diethelm set to join the troubled investment bank later this year. Diethelm, who will take up the role during the third quarter of 2008, will replace UBS's former legal chief Peter Kurer. Kurer was appointed as the bank's chairman in April this year and since that date UBS has been filling the role on a temporary basis, with a three-man team comprising global head of compliance Neil Stocks, general counsel for the corporate centre Bernard Schmid and investment banking general counsel David Aufhauser.
August 14, 2008 at 11:08 AM
2 minute read
UBS has hired a new general counsel – with Swiss Re group legal officer Markus Diethelm set to join the troubled investment bank later this year.
Diethelm, who will take up the role during the third quarter of 2008, will replace UBS's former legal chief Peter Kurer.
Kurer was appointed as the bank's chairman in April this year and since that date UBS has been filling the role on a temporary basis, with a three-man team comprising global head of compliance Neil Stocks, general counsel for the corporate centre Bernard Schmid and investment banking general counsel David Aufhauser.
Aufhauser resigned from his position earlier this month amid the investigation into the bank's controversial sale of auction-rate securities by New York attorney general Andrew Cuomo.
Commenting on Diethelm's appointment, UBS chief executive Marcel Rohner said: "Markus brings highly relevant experience in managing a global legal function in a sector whose complexity is comparable to the banking industry.
"His involvement in the strategic development of Swiss Re over recent years will be instrumental in the next steps we will be taking at UBS."
The bank announced Diethelm's appointment earlier this week (12 August) at the same time as announcing second quarter losses of CHF358m (£175m) and a restructuring that will see the bank separating into three distinct units.
In addition to the appointment of Diethelm, UBS has also promoted current financial institutions group head John Cryan to group chief financial officer. Cryan replaces Marco Suter, who has stepped down from the role.
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