Dec 15 (Reuters) – UBS’ chief operations and technology officer, Mike Dargan, will leave the Swiss bank at the end of the month, the company said on Monday, as it reorganises its executive board to ensure smooth completion of its Credit Suisse integration process.
In future, the group technology function will report to incoming COO Beatriz Martin, who takes up the role from January 1, the bank said in a statement.
This “will support smooth end-to-end operations, prioritise initiatives related to technology and artificial intelligence, and ensure a smooth completion of the remaining technology integration process”, it added.
UBS shares rose by almost 3% on Tuesday morning after Bank of America upgraded its recommendation for the Swiss lender to Buy from Neutral and raised its price objective for the stock.
Last month, sources told Reuters that UBS was delaying the migration of some super-rich Credit Suisse clients to its own platforms by several months, in what would be a rare setback following UBS’ 2023 emergency takeover of the lender.
Dargan is set to move from UBS to the helm of online bank N26, where he will take over as chief executive officer in April 2026 pending regulatory approval, the German company said on Monday.
Chris Gelvin will serve as interim head of group technology at UBS, in addition to his current role as chief operating officer at group technology, pending the appointment of a permanent replacement for Dargan, UBS said.
(Reporting by Rachel MoreEditing by Tomasz Janowski)
