UBS AG, the lender fined $1.5 billion for rigging interest rates, named Mark Yallop to the newly created post of U.K. group country chief executive officer, responsible for all the firm’s operations in Britain.
Yallop, a former chief operating officer at ICAP Plc and Deutsche Bank AG, will report to COO Ulrich Koerner, the Zurich-based lender said in an e-mail to employees today that was confirmed by a spokesman. He takes up the post on Feb. 25.
Yallop also served as COO for BBA Libor Ltd., the company that manages the London interbank offered rate for the British Bankers’ Association from May 2010 to Sept. 2011, according to filings at the U.K.’s Companies House. UBS paid a record $1.5 billion in penalties in December to regulators in the U.S., U.K. and Switzerland for altering its submissions to benchmark rates such as Libor.
Financial News reported the appointment earlier today.