UBS chief risk officer departs after less than a year in job

UBS has announced its chief risk officer is to leave the company after less than 12 months in the role after the group lost an estimated $2.3bn from rogue trading.

The bank has announced Maureen Miskovic, group chief risk officer since January 2011, is to leave. Former group chief risk officer Philip J Lofts will once again assume the role. Lofts became CEO UBS Group Americas in January 2011, having been group CRO between November 2008 and December 2010. His role as head of the Americas unit will be taken by Robert J McCann, who will remain in his current position as CEO of Wealth Management Americas. The departure of Miskovic comes after UBS trader Kweku Adoboli was accused of a rogue trade the bank estimates has cost it $2.3bn. Adoboli, who...