April 12 (Bloomberg) -- UBS AG, the Swiss bank seeking to cut 5.4 billion francs ($5.8 billion) in annual costs by 2015, hired Oliver Bussmann from Germany’s SAP AG as group chief information officer.
Bussmann, who held the same role at the largest maker of business-management software since 2009, will start in June and report to Chief Operating Officer Ulrich Koerner, the Zurich-based bank said in a statement today. Bussmann, 47, will replace Michele Trogni, who’s retiring after 25 years with UBS including the last four as the head of group technology.
UBS said in October it’s looking to lower costs by 3.4 billion francs in addition to the 2 billion francs in cost-saving program announced in the prior year by cutting 10,000 jobs and simplifying production processes. The bank is trying to reduce expenses that surpassed revenue in 2012 to as little as 60 percent of income by 2016.
“Oliver’s proven track record with large-scale technology transformations combined with his experience of financial services, software and managing large global teams all position him well to lead our group technology organization forward,” Koerner said in the statement.
Bussmann, a German national, had worked at Allianz SE, Europe’s biggest insurer, for nine years before joining SAP. Prior to that, he was with Deutsche Bank AG and International Business Machines Corp.
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