UBS appoints JP Morgan Chase executive Youngwood as group CFO

The emblem of Swiss financial institution UBS is seen at its headquarters in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann/File Photograph

ZURICH, Dec 1 (Reuters) – UBS (UBSG.S) has recruited former JP Morgan Chase govt Sarah Youngwood as its group chief monetary officer, the Swiss financial institution mentioned on Wednesday, making a uncommon feminine appointment within the highest echelons of European banking.

Youngwood will take over from the present CFO Kirt Gardner when he steps down in Might 2022, Switzerland’s largest financial institution mentioned.

The European Central Financial institution mentioned earlier this yr it needed to see extra range on the boards of banks and amongst executives after noting that solely 8% of chief executives of European credit score and funding establishments have been held by ladies.

Solely a fifth of the positions on administration our bodies of Europe’s largest banks are held by ladies, the ECB’s supervisory board famous, because it launched a session on a brand new information for who would make match and correct executives and board members.

“The European banking panorama is starting to incorporate extra ladies, however progress continues to be too gradual,” Frank Elderson and Elizabeth McCaul, members of the supervisory board wrote in a weblog put up.

Alison Rose and Katie Murray, CEO and CFO respectively at NatWest Group and Ana Botin, the group govt chairman at Banco Santander are uncommon examples of ladies on the high of their corporations.

Solely three members of UBS’s 12-member govt board are ladies, though the addition of Youngwood would improve the quantity to 4.

UBS CEO Ralph Hamers mentioned he was excited Youngwood was becoming a member of the financial institution. She is going to be a part of the manager board in March.

“Together with her robust observe document, in-depth finance experience, and expertise throughout varied banking areas, Sarah is ideally suited to guide our finance operate into the long run.”

Youngwood, who has joint French-U.S. citizenship, has been the monetary chief of JPMorgan Chase’s Client & Group Banking line of enterprise since 2016, UBS mentioned.

Since 2020, Youngwood’s position has included main finance for JP Morgan Chases’s international know-how unit, in addition to its range & inclusion staff.

Between 2012 and 2016, she was the pinnacle of investor relations for JPMorgan Chase and earlier than that spent 14 years in varied roles within the Monetary Establishments Group inside JPM’s Funding Financial institution in Paris, London and New York.

Departing CFO Gardner – who has been finance chief since January 2016 – will assist Youngwood throughout her two-month onboarding interval earlier than leaving UBS in Might, UBS mentioned.

Reporting by John Revill, modifying by Sherry Jacob-Phillips and Louise Heavens

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