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UBS Wealth Chief to Be Replaced in Reshuffle

  • Three-decade veteran set to retire from UBS next year
  • Blessing joined UBS in 2016 after serving as Commerzbank CEO
The UBS AG company logo hangs above the entrance to the company's Broadgate offices in London, U.K., on Wednesday, May 20, 2015. UBS Group AG will pay $545 million to settle U.S. investigations into its role in manipulating currency and interest rates, removing two of the bank's biggest legal hurdles.
Photographer: Chris Ratcliffe
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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.