UBS brings back old risk boss after trading scandal (Reuters)

ZURICH (Reuters) ? UBS (UBSN.VX) appointed Philip Lofts back to his former role as chief risk officer on Thursday, removing Maureen Miskovic after less than a year in the job following the Swiss bank's $2 billion trading scandal.

In a sign new Chief Executive Sergio Ermotti -- appointed after the scandal -- is beginning to leave his mark on the crisis-shaken bank, he also gave new responsibilities to two of his rivals for the top job: Ulrich Koerner and Bob McCann.

Lofts, the chief executive of the UBS Americas business who had already held the risk position from 2008 until 2010, replaces Miskovic with immediate effect, UBS said in a statement, adding she would leave the bank.

McCann, currently CEO of Wealth Management Americas, will also take over as CEO Americas, and Ulrich Koerner was appointed CEO UBS Group Europe, Middle East and Africa --- the job Ermotti previously held -- in addition to his current role as Group Chief Operating Officer and CEO Corporate Center, UBS said.

Ermotti was named permanent CEO of the bank last month after he was appointed interim boss when Oswald Gruebel stepped down in September following the trading scandal.

In October, Ermotti said the bank had accepted the resignation of the two co-heads of global equities, Francois Gouws and Yassine Bouhara, over the unauthorized trades and said disciplinary action against other members of staff was pending.

Miskovic had been head of risk at U.S.-based financial services group State Street from 2008 to 2010. From 1996-2002, she was chief risk officer at Lehman Brothers, the U.S. investment bank that collapsed three years ago today. Before that she worked at Morgan Stanley (MS.N).

(Reporting by Silke Koltrowitz and Emma Thomasson; Editing by Hans-Juergen Peters)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20111201/bs_nm/us_ubs

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