UBS boss Mark Yallop quits just 18 months into the top job
UBS’ UK boss is quitting the job barely 18 months into the post, the Swiss bank revealed yesterday.
Mark Yallop was appointed chief executive officer in February 2013 to restructure the bank’s capital to meet new rules, and to rebuild the bank’s relationship with UK regulators after it was fined for attempted Libor rigging.
He will leave in September. His exit was announced in an internal memo seen by City A.M., written by Europe, Middle East and Africa chief Ulrich Koerner.
“During his time at UBS, as well as overseeing the successful restructuring of UBS Limited, Mark has undertaken a comprehensive review and strengthening of governance, risk and control arrangements in the UK; has helped build relationships with key UK clients; and has played a significant role in developing our UK regulatory relationships,” the memo said. “We are grateful for Mark’s broad contributions during his time at the firm and his assistance in ensuring a smooth transition.”
No recruitment process is thought to have begun yet – the job did not exist before Yallop was hired, and now his main projects are complete he might not be replaced directly.
Instead, the bank has the option of appointing another senior executive as the main point of contact for regulators, bypassing the need to recruit a new UK boss.
Yallop has not announced his next job, but he is not believed to have jumped ship to a rival bank.