Juerg Zeltner, the head of UBS Group AG’s $1.3 trillion wealth-management unit, is stepping down in January and will be replaced by Switzerland chief and former Commerzbank AG head Martin Blessing.
The move is the second high-profile private banking departure in two weeks after Julius Baer Group Ltd. chief Boris Collardi left the bank for Pictet & Cie. The Zeltner move was reported earlier by Bloomberg.