UBS Appoints Top Risk Officer

UBS A.G. has appointed a chief risk officer at its investment bank and making other changes to its risk management operations in the wake of massive writedowns related to subprime credit problems, according to statement

Thomas Daula will join Zurich, Switzerland-based UBS Investment Bank as chief risk officer in June. He most recently worked as CRO at Morgan Stanley.

Daula will report to Jerker Johansson, chairman and chief executive officer of the investment bank, and Joseph Scoby, group chief risk officer at UBS. He will also become a member of the group managing board.

Philip Lofts, former group chief credit officer at UBS, has been named group risk chief operating officer.

The appointments follow UBS’ $37.4 billion in subprime writedowns.

The bank also announced the integration of monitoring and control responsibilities for market and credit risks into a single unit. The new group portfolio and concentration risk control unit will manage credit, market and country risks.