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UBS Appoints Lofts Chief Risk Officer, Replacing Miskovic

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UBS AG, the Swiss bank that reported a $2.3 billion loss from unauthorized trading in September, appointed Philip Lofts as chief risk officer, replacing Maureen Miskovic, who is leaving the firm after less than a year.

Robert McCann, head of wealth management for the Americas, will also assume Lofts’s previous role as chief executive officer for all business in the Americas, the Zurich-based bank said in a statement today. Chief Operating Officer Ulrich Koerner, 49, will take on additional responsibility for business in Europe, Middle East and Africa, the role filled by Sergio Ermotti before his appointment as the bank’s CEO last month.