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UBS Splits Wealth Management Leadership in Executive Shake-Up -- 3rd Update

By Adria Calatayud UBS Group said it would reshuffle its executive board, splitting leadership of its key wealth-management division in two and bidding farewell to the last chief of Credit.

Marco vallaAdria calatayudGeorge athanasopoulosSergio ermottiIqbal khanDamian vogelUlrich koernerChristian bluhmAndreas vendittiCredit suisseExecutive sergio ermottiRob karofsky headEdmund koh presidentDow jones

UBS Gets Backing for Capital Plan, Ermotti Pay From Norway Wealth Fund

UBS Gets Backing for Capital Plan, Ermotti Pay From Norway Wealth Fund
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UBS gets backing for capital plan, Ermotti pay from Norway wealth fund

LONDON (Reuters) -Norway's sovereign wealth fund has backed UBS' plan to make its Additional Tier 1 (AT1) bonds, a form of debt, more appealing to investors by protecting them from a wipeout, and also signed off on UBS CEO Sergio Ermotti's pay package. The vote from the Norwegian fund, UBS' second-largest shareholder, at the bank's annual general meeting this week is a boost for UBS, which is seeking to prop up its capital buffers to satisfy Swiss regulators' demands as it integrates its former rival Credit Suisse. The bonds can be converted into equity or written off.

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UPDATE 3-UBS faces tougher rules in Swiss response to Credit Suisse rescue

UPDATE 3-UBS faces tougher rules in Swiss response to Credit Suisse rescue
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Swiss minister criticises big bank bonuses as UBS set for stricter rules

Swiss minister criticises big bank bonuses as UBS set for stricter rules
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Sergio ermottiKarin keller sutterCredit suisseExecutive sergio ermottiFederal councillor