ZURICH, 24 Apr. (EUROPE PRESS) -

The chief risk officer of Swiss bank UBS, Christian Bluhm, has agreed to remain in his position "for the foreseeable future", thus delaying the transfer of his position to Damian Vogel, originally scheduled for May 1, due to the recent acquisition of Credit Suisse by the financial institution, UBS reported on Monday.

In November last year, prior to the Credit Suisse acquisition, Bluhm announced his decision to leave his position at UBS to focus on his study of photography and further his career as a university academic.

The firm then decided to appoint Damian Vogel as a replacement for Bluhm from May 2023, a replacement that will now be delayed by the purchase of Credit Suisse. Vogel is chief risk officer at UBS's wealth management division. Since he joined the bank in 2010, he has held different positions of responsibility in the wealth divisions as well as in personal and corporate banking.

"Having the active participation of both senior risk managers will help ensure that we are well prepared and well established in an area that is critical to our future success. I want to thank Christian for his willingness to continue in his role," he said. prominent Sergio P. Ermotti, CEO of UBS.

Ermotti also thanked Damian Vogel for his "important efforts" in designing UBS's future risk management.

The Swiss bank bought Credit Suisse in mid-March for just over 3,000 million euros after the Swiss Government, the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA) decided to support this operation "given the situation of instability and lack of confidence" at Credit Suisse.