The head of UBS's £1 trillion wealth management business departs in major board reshuffle

Juerg Zeltner

Reuters/Arnd Wiegmann

• UBS Wealth Management boss Zeltner to depart in major boardroom reshuffle.

• Zeltner will leave the bank at the beginning of 2018, with his future destination unknown.

• He will be replaced by Martin Blessing, the former CEO of German lender Commerzbank.

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Juerg Zeltner, the president of UBS's near £1 trillion ($1.3 trillion) wealth management business is stepping down and will be replaced by boardmember Martin Blessing, the former CEO of Commerzbank, it was announced on Thursday.

Zeltner, who has been with UBS for his entire career, spanning three decades, will retire from the bank at the beginning of 2018, UBS said on Thursday morning.

Blessing, who is currently president of personal and corporate banking, will be replaced in that role by Axel Lehmann, the group chief operating officer.

Lehmann's role as COO will be taken by Sabine Keller-Busse, who is currently HR chief.

Commenting on Zeltner's departure, UBS CEO Sergio Ermotti said: "His impact on the positive development of our international wealth management business and the firm over the past years deserves particular recognition and I wish him all the best."

It is not yet known what Zeltner's next move is, although there is some speculation that he could replace the recently departed Boris Collardi at private bank Julius Baer after Collardi suddenly departed to join Pictet Asset Management in November. 

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