UBS' head of strategy Christian Zeinler plans to leave the bank to pursue entrepreneurship outside of banking, Chief Executive Ralph Hamers told employees on Tuesday in a memo seen by Reuters. UBS, the world's largest wealth manager and Switzerland's largest bank, has delivered a series of strong results over recent years, booking its best annual profit since the global financial crisis in 2021 and its best first-quarter net profit in 15 years at the start of 2022. In the memo to employees, Chief Executive Ralph Hamers credited Zeinler with helping to develop that plan and UBS' future over the course of his tenure at the bank.
WASHINGTON, June 24, 2022--UBS Private Wealth Management today announced that Private Wealth Advisors Mikail Qazi and Timothy Martin have joined the firm in Washington, D.C. The team manages approximately $500 million in client assets for high net worth and ultra-high net worth individuals and families. Mikail and Timothy join the UBS Northeast Private Wealth market, managed by Julie Fox, and report to Branch Manager Brendan Graham.
Shares in the biggest U.S. banks rallied on Friday after they passed the Federal Reserve's annual health check, but Bank of America underperformed with test results implying it needs a larger-than-expected capital buffer, which could limit share buybacks and dividends. While the broader equity market also rallied on Friday, Wells Fargo & Co, up 7.5%, was the biggest gainer among the 34 lenders that underwent the Fed's so-called stress test, which measures how they would fare in a hypothetical severe economic downturn. The group would have roughly twice the capital required under Fed rules in the downturn scenario, it said.