UBS retains risk management director amid Credit Suisse merger

Swiss bank UBS will retain Christian Blume as chief risk officer for the foreseeable future in connection with the acquisition of rival Credit Suisse. CEO Sergio Ermotti is changing the UBS team by integrating Credit Suisse, which was acquired in March. UBS previously reported that Blume, who has held the position since 2016, plans to retire in November and Damian Vogel will take his place. However, Vogel has been appointed to a new role as Head of Integration, who will oversee the risk management functions associated with the Credit Suisse deal. Recall that Credit Suisse has faced a series of scandals over the years. At the same time, Credit Suisse will release its first-quarter results on Tuesday, reporting net asset outflows of 61 billion Swiss francs ($68 billion).